Y Intercept Hong Kong Ltd Purchases New Holdings in SouthState Bank Corporation $SSB

Y Intercept Hong Kong Ltd purchased a new position in shares of SouthState Bank Corporation (NYSE:SSB) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 52,936 shares of the company’s stock, valued at approximately $4,898,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in SouthState Bank by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock valued at $1,029,315,000 after acquiring an additional 161,928 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of SouthState Bank by 1.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,729,496 shares of the company’s stock worth $445,101,000 after purchasing an additional 62,879 shares in the last quarter. Geode Capital Management LLC increased its position in shares of SouthState Bank by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock worth $175,653,000 after purchasing an additional 85,981 shares during the period. Invesco Ltd. increased its position in shares of SouthState Bank by 3.6% in the fourth quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock worth $155,068,000 after purchasing an additional 56,693 shares during the period. Finally, Franklin Resources Inc. raised its stake in SouthState Bank by 1.0% in the fourth quarter. Franklin Resources Inc. now owns 1,623,728 shares of the company’s stock valued at $152,809,000 after purchasing an additional 15,787 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

SSB has been the subject of several recent analyst reports. Wall Street Zen raised shares of SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Citigroup decreased their target price on shares of SouthState Bank from $116.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, June 25th. Weiss Ratings cut shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. JPMorgan Chase & Co. increased their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Finally, Truist Financial decreased their price objective on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, SouthState Bank presently has a consensus rating of “Buy” and an average target price of $118.71.

Insiders Place Their Bets

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the business’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the sale, the director owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. The trade was a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.70% of the stock is owned by corporate insiders.

SouthState Bank Stock Performance

NYSE:SSB opened at $100.03 on Monday. The stock’s 50-day simple moving average is $96.32 and its 200 day simple moving average is $97.19. The firm has a market capitalization of $9.77 billion, a PE ratio of 10.79 and a beta of 0.70. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $108.46.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping the consensus estimate of $2.21 by $0.07. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The firm had revenue of $661.70 million during the quarter, compared to the consensus estimate of $669.28 million. During the same quarter in the previous year, the firm earned $0.87 earnings per share. On average, analysts anticipate that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were given a $0.60 dividend. The ex-dividend date was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.4%. SouthState Bank’s dividend payout ratio (DPR) is currently 25.89%.

SouthState Bank Profile

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.