90,623 Shares in SouthState Bank Corporation $SSB Purchased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd acquired a new position in shares of SouthState Bank Corporation (NYSE:SSB) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 90,623 shares of the company’s stock, valued at approximately $8,340,000.

Several other large investors also recently bought and sold shares of the company. Blue Trust Inc. increased its stake in SouthState Bank by 12.4% during the 2nd quarter. Blue Trust Inc. now owns 991 shares of the company’s stock worth $91,000 after buying an additional 109 shares in the last quarter. IFP Advisors Inc increased its position in shares of SouthState Bank by 14.2% during the first quarter. IFP Advisors Inc now owns 943 shares of the company’s stock worth $87,000 after purchasing an additional 117 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of SouthState Bank by 5.2% during the first quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the company’s stock worth $220,000 after purchasing an additional 118 shares in the last quarter. Nicholson Wealth Management Group LLC increased its position in shares of SouthState Bank by 1.8% during the second quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock worth $663,000 after purchasing an additional 125 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in shares of SouthState Bank by 14.0% during the second quarter. Fifth Third Bancorp now owns 1,090 shares of the company’s stock worth $100,000 after buying an additional 134 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Trading Up 0.7%

Shares of SSB opened at $90.53 on Monday. The firm has a 50-day moving average price of $98.94. SouthState Bank Corporation has a 12-month low of $77.74 and a 12-month high of $114.26. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.92. The stock has a market capitalization of $9.16 billion, a price-to-earnings ratio of 12.45 and a beta of 0.68.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.38. The business had revenue of $698.78 million during the quarter, compared to analysts’ expectations of $660.41 million. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. During the same quarter in the prior year, the company posted $1.90 EPS.

SouthState Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, November 7th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.7%. The ex-dividend date is Friday, November 7th. SouthState Bank’s dividend payout ratio is presently 33.01%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SSB shares. Zacks Research lowered shares of SouthState Bank from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Barclays upped their price objective on shares of SouthState Bank from $117.00 to $120.00 and gave the company an “overweight” rating in a research note on Monday, July 28th. Citigroup reaffirmed a “buy” rating and set a $117.00 price objective (up previously from $113.00) on shares of SouthState Bank in a research note on Monday, July 28th. DA Davidson dropped their price target on SouthState Bank from $117.00 to $112.00 and set a “buy” rating for the company in a research report on Friday. Finally, TD Cowen initiated coverage on SouthState Bank in a research report on Thursday, September 25th. They issued a “buy” rating and a $127.00 price target for the company. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, SouthState Bank has an average rating of “Buy” and a consensus price target of $117.08.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director Janet P. Froetscher purchased 3,338 shares of the stock in a transaction dated Wednesday, July 30th. The stock was acquired at an average cost of $97.31 per share, for a total transaction of $324,820.78. Following the acquisition, the director owned 8,294 shares in the company, valued at $807,089.14. This trade represents a 67.35% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel E. Bockhorst sold 5,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total value of $498,000.00. Following the transaction, the insider owned 31,785 shares of the company’s stock, valued at approximately $3,165,786. This represents a 13.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 8,338 shares of company stock worth $786,321. 1.70% of the stock is currently owned by company insiders.

About SouthState Bank

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.