FJ Capital Management LLC Boosts Stock Holdings in SouthState Bank Corporation $SSB

FJ Capital Management LLC increased its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 54.0% during the 4th quarter, Holdings Channel reports. The fund owned 813,033 shares of the company’s stock after acquiring an additional 285,091 shares during the period. SouthState Bank comprises approximately 8.5% of FJ Capital Management LLC’s investment portfolio, making the stock its largest position. FJ Capital Management LLC’s holdings in SouthState Bank were worth $76,515,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Nicholas Hoffman & Company LLC. boosted its stake in SouthState Bank by 0.7% during the fourth quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock worth $1,555,000 after acquiring an additional 111 shares in the last quarter. FourThought Financial Partners LLC boosted its stake in SouthState Bank by 5.8% during the fourth quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock worth $239,000 after acquiring an additional 139 shares in the last quarter. First Horizon Corp boosted its stake in SouthState Bank by 27.8% during the fourth quarter. First Horizon Corp now owns 813 shares of the company’s stock worth $77,000 after acquiring an additional 177 shares in the last quarter. Vident Advisory LLC boosted its stake in SouthState Bank by 8.5% during the second quarter. Vident Advisory LLC now owns 3,143 shares of the company’s stock worth $289,000 after acquiring an additional 246 shares in the last quarter. Finally, Keybank National Association OH boosted its stake in SouthState Bank by 4.4% during the fourth quarter. Keybank National Association OH now owns 5,943 shares of the company’s stock worth $559,000 after acquiring an additional 253 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

SouthState Bank Stock Up 1.3%

Shares of NYSE SSB opened at $98.75 on Friday. The stock has a market capitalization of $9.65 billion, a P/E ratio of 10.65 and a beta of 0.70. The company has a 50-day moving average price of $95.81 and a 200-day moving average price of $96.41. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $108.46. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. The firm had revenue of $661.70 million during the quarter, compared to analysts’ expectations of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period last year, the company earned $0.87 earnings per share. On average, equities research analysts forecast that SouthState Bank Corporation will post 9.5 EPS for the current fiscal year.

SouthState Bank Dividend Announcement

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

Insider Activity

In other news, Director David R. Brooks sold 14,300 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the sale, the director owned 12,700 shares in the company, valued at $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

SSB has been the topic of several research analyst reports. Truist Financial cut their target price 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. Barclays cut their target price on shares of SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. Weiss Ratings lowered shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. JPMorgan Chase & Co. increased their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Thursday, May 21st. Finally, DA Davidson reissued a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a research note on Wednesday. One investment 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. Based on data from MarketBeat, SouthState Bank currently has a consensus rating of “Buy” and an average price target of $118.62.

About SouthState Bank

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.