Y Intercept Hong Kong Ltd Purchases Shares of 90,623 SouthState Bank Corporation $SSB

Y Intercept Hong Kong Ltd acquired a new stake in SouthState Bank Corporation (NYSE:SSB) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 90,623 shares of the company’s stock, valued at approximately $8,340,000. Y Intercept Hong Kong Ltd owned about 0.09% of SouthState Bank as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of SSB. Rise Advisors LLC purchased a new position in shares of SouthState Bank in the 1st quarter valued at approximately $33,000. Flaharty Asset Management LLC purchased a new position in shares of SouthState Bank in the first quarter worth $45,000. TFC Financial Management Inc. raised its holdings in shares of SouthState Bank by 49,800.0% in the second quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock worth $46,000 after buying an additional 498 shares during the last quarter. Summit Securities Group LLC raised its holdings in shares of SouthState Bank by 81.5% in the first quarter. Summit Securities Group LLC now owns 688 shares of the company’s stock worth $64,000 after buying an additional 309 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in SouthState Bank by 1,103.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 698 shares of the company’s stock worth $64,000 after acquiring an additional 640 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. TD Cowen assumed coverage on SouthState Bank in a research note on Thursday, September 25th. They issued a “buy” rating and a $127.00 target price for the company. National Bankshares set a $127.00 price objective on SouthState Bank in a research note on Wednesday, September 24th. Barclays raised their price objective on SouthState Bank from $117.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. Weiss Ratings reissued a “buy (b-)” rating on shares of SouthState Bank in a research report on Friday. Finally, Zacks Research lowered shares of SouthState Bank from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 15th. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $117.08.

Insider Buying and Selling at SouthState Bank

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

SouthState Bank Trading Up 0.7%

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

SouthState Bank (NYSE:SSB) last announced 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 company had revenue of $698.78 million during the quarter, compared to analysts’ expectations of $660.41 million. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.During the same period last year, the business earned $1.90 earnings per share.

SouthState Bank Announces Dividend

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

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.