Capstone Investment Advisors LLC Takes Position in SouthState Bank Corporation $SSB

Capstone Investment Advisors LLC bought a new position in SouthState Bank Corporation (NYSE:SSB) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 9,396 shares of the company’s stock, valued at approximately $939,000.

A number of other large investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of SouthState Bank during the 2nd quarter valued at about $981,557,000. Norges Bank bought a new position in SouthState Bank during the fourth quarter valued at approximately $125,940,000. Bank of New York Mellon Corp bought a new position in SouthState Bank during the second quarter valued at approximately $130,419,000. AQR Capital Management LLC raised its stake in shares of SouthState Bank by 269.4% during the third quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock worth $120,530,000 after acquiring an additional 889,042 shares in the last quarter. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of SouthState Bank in the 2nd quarter worth approximately $85,467,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insiders Place Their Bets

In related news, Director David R. Brooks sold 24,650 shares of SouthState Bank stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the completion of the transaction, the director directly owned 7,900 shares of the company’s stock, valued at $869,000. This trade represents a 75.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO William E. V. Matthews sold 4,000 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the sale, the chief financial officer owned 40,568 shares in the company, valued at approximately $4,419,072.24. This trade represents a 8.98% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 34,831 shares of company stock valued at $3,814,274. 1.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Fundamental Research set a $120.00 target price on shares of SouthState Bank in a research report on Wednesday, July 1st. Wall Street Zen lowered SouthState Bank from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Piper Sandler increased their target price on SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 27th. TD Cowen raised their price target on SouthState Bank from $114.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Finally, UBS Group cut shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price on the stock. in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $119.64.

SouthState Bank Trading Down 0.3%

NYSE SSB opened at $106.09 on Friday. The stock has a market cap of $10.29 billion, a P/E ratio of 11.16 and a beta of 0.71. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $112.20. The stock has a 50 day simple moving average of $104.12 and a two-hundred day simple moving average of $99.03. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94.

SouthState Bank (NYSE:SSB) last announced its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The firm had revenue of $672.67 million for the quarter, compared to analyst estimates of $676.83 million. During the same quarter in the previous year, the firm posted $2.30 EPS. On average, analysts forecast that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were issued a dividend of $0.66 per share. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date was Friday, August 7th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank’s dividend payout ratio (DPR) is currently 27.76%.

SouthState Bank Company 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.