Hsbc Holdings PLC Makes New $3.04 Million Investment in SouthState Bank Corporation $SSB

Hsbc Holdings PLC acquired a new position in SouthState Bank Corporation (NYSE:SSB) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 30,339 shares of the company’s stock, valued at approximately $3,039,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SSB. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in SouthState Bank during the second quarter worth approximately $28,000. Root Financial Partners LLC lifted its stake in SouthState Bank by 100.0% in the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after buying an additional 210 shares during the period. FNY Investment Advisers LLC acquired a new position in SouthState Bank in the second quarter valued at approximately $50,000. Measured Wealth Private Client Group LLC bought a new position in shares of SouthState Bank during the 3rd quarter worth approximately $51,000. Finally, GHP Investment Advisors Inc. acquired a new stake in shares of SouthState Bank during the 1st quarter worth approximately $52,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other SouthState Bank news, CFO William E. V. Matthews sold 4,000 shares of SouthState Bank 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 transaction, the chief financial officer owned 40,568 shares in the company, valued at approximately $4,419,072.24. The trade was a 8.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David R. Brooks sold 24,650 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the sale, the director directly owned 7,900 shares of the company’s stock, valued at $869,000. This represents a 75.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 34,831 shares of company stock valued at $3,814,274. 1.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

SSB has been the subject of several research analyst reports. Citigroup lifted their price objective on shares of SouthState Bank from $115.00 to $126.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. DA Davidson restated a “buy” rating and issued a $125.00 price target on shares of SouthState Bank in a report on Wednesday, June 10th. Stephens reaffirmed an “overweight” rating and issued a $116.00 price target on shares of SouthState Bank in a research note on Monday, July 27th. Truist Financial upped their price objective on shares of SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, Barclays cut their price objective on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $119.64.

SouthState Bank Price Performance

Shares of NYSE:SSB opened at $106.00 on Friday. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $112.20. The stock’s 50 day moving average is $104.31 and its 200-day moving average is $99.08. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $10.28 billion, a price-to-earnings ratio of 11.15 and a beta of 0.71.

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

SouthState Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were issued a dividend of $0.66 per share. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, August 7th. SouthState Bank’s dividend payout ratio is 27.76%.

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.