Ieq Capital LLC Takes $2.34 Million Position in SouthState Bank Corporation $SSB

Ieq Capital LLC purchased a new position in shares of SouthState Bank Corporation (NYSE:SSB) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 23,452 shares of the company’s stock, valued at approximately $2,343,000.

Several other hedge funds have also made changes to their positions in SSB. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in SouthState Bank during the 2nd quarter worth $28,000. Root Financial Partners LLC boosted its holdings in shares of SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after acquiring an additional 210 shares during the period. FNY Investment Advisers LLC bought a new position in shares of SouthState Bank during the second quarter worth about $50,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of SouthState Bank in the 3rd quarter worth about $51,000. Finally, GHP Investment Advisors Inc. acquired a new stake in shares of SouthState Bank in the 1st quarter worth about $52,000. Institutional investors own 89.76% of the company’s stock.

Insiders Place Their Bets

In other news, CFO William E. V. Matthews sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the sale, the chief financial officer owned 40,568 shares in the company, valued at $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the transaction, the director directly owned 7,900 shares of the company’s stock, valued at $869,000. This represents a 75.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 34,831 shares of company stock worth $3,814,274 in the last three months. Company insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on SSB. JPMorgan Chase & Co. upped their target price 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. Piper Sandler boosted their price objective on SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Wall Street Zen lowered SouthState Bank from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. Barclays lowered their target price on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 7th. Finally, Citigroup lifted their target price on SouthState Bank from $115.00 to $126.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $119.64.

SouthState Bank Trading Down 0.7%

Shares of NYSE:SSB opened at $106.12 on Wednesday. The company has a 50 day moving average of $103.71 and a 200-day moving average of $99.05. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The firm 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 twelve month low of $84.47 and a twelve month high of $112.20.

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

SouthState Bank Increases Dividend

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

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.