Maltese Capital Management LLC Buys 44,500 Shares of SouthState Bank Corporation $SSB

Maltese Capital Management LLC lifted its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 31.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 187,000 shares of the company’s stock after buying an additional 44,500 shares during the period. SouthState Bank accounts for approximately 3.1% of Maltese Capital Management LLC’s holdings, making the stock its largest position. Maltese Capital Management LLC’s holdings in SouthState Bank were worth $17,599,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Measured Wealth Private Client Group LLC acquired a new position in shares of SouthState Bank during the third quarter worth approximately $51,000. Ameritas Advisory Services LLC acquired a new position in shares of SouthState Bank during the third quarter worth approximately $57,000. Danske Bank A S acquired a new position in shares of SouthState Bank during the third quarter worth approximately $59,000. Harbour Investments Inc. acquired a new position in shares of SouthState Bank during the fourth quarter worth approximately $68,000. Finally, Torren Management LLC acquired a new position in shares of SouthState Bank during the fourth quarter worth approximately $69,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director David R. Brooks sold 14,300 shares of the firm’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the transaction, the director directly owned 12,700 shares in the company, valued at $1,249,553. This trade represents a 52.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is owned by corporate insiders.

SouthState Bank Stock Down 1.6%

NYSE:SSB opened at $97.37 on Tuesday. SouthState Bank Corporation has a 12-month low of $84.47 and a 12-month high of $108.46. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $9.51 billion, a P/E ratio of 10.50 and a beta of 0.70. The stock’s fifty day simple moving average is $95.88 and its 200-day simple moving average is $96.52.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.07. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The business had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.29 million. During the same period last year, the company earned $0.87 EPS. Equities research analysts expect that SouthState Bank Corporation will post 9.5 earnings per share for the current year.

SouthState Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, May 8th. SouthState Bank’s dividend payout ratio (DPR) is currently 25.89%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Hovde Group upped their target price on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Barclays reduced 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 report on Monday, April 27th. DA Davidson reiterated a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a research report on Wednesday, June 10th. TD Cowen cut their price objective on shares of SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Finally, JPMorgan Chase & Co. raised their price objective on shares of SouthState Bank from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, May 21st. One equities research 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 company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $118.62.

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.