Jupiter Topco LLC Takes Position in SouthState Bank Corporation $SSB

Jupiter Topco LLC acquired a new stake in shares of SouthState Bank Corporation (NYSE:SSB) in the second quarter, HoldingsChannel reports. The fund acquired 44,574 shares of the company’s stock, valued at approximately $4,454,000.

A number of other institutional investors also recently made changes to their positions in the business. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in SouthState Bank in the second quarter valued at about $28,000. Root Financial Partners LLC lifted its holdings in SouthState Bank by 100.0% during the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after buying an additional 210 shares during the last quarter. FNY Investment Advisers LLC bought a new position in SouthState Bank during the 2nd quarter worth approximately $50,000. Measured Wealth Private Client Group LLC acquired a new position in shares of SouthState Bank in the 3rd quarter worth approximately $51,000. Finally, GHP Investment Advisors Inc. acquired a new position in shares of SouthState Bank in the 1st quarter worth approximately $52,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

SouthState Bank Stock Performance

Shares of NYSE SSB opened at $104.87 on Tuesday. SouthState Bank Corporation has a 12-month low of $84.47 and a 12-month high of $112.20. The company has a market cap of $10.17 billion, a PE ratio of 11.03 and a beta of 0.71. The stock has a 50 day simple moving average of $104.46 and a 200-day simple moving average of $99.02. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06.

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

SouthState Bank Increases Dividend

The firm also recently declared 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 represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Friday, August 7th. SouthState Bank’s dividend payout ratio is 27.76%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SSB shares. Wall Street Zen lowered shares of SouthState Bank from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Weiss Ratings upgraded shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th. Citigroup boosted their price objective on shares of SouthState Bank from $115.00 to $126.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. DA Davidson reiterated a “buy” rating and set a $125.00 price objective on shares of SouthState Bank in a research note on Wednesday, June 10th. Finally, JPMorgan Chase & Co. lifted their target price on SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $119.64.

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.