Norges Bank purchased a new position in SouthState Bank Corporation (NYSE:SSB – Free Report) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 1,338,219 shares of the company’s stock, valued at approximately $125,940,000.
Several other institutional investors and hedge funds have also bought and sold shares of the business. AQR Capital Management LLC raised its holdings in shares of SouthState Bank by 269.4% during the third quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock worth $120,530,000 after purchasing an additional 889,042 shares during the last quarter. Jane Street Group LLC grew its position in SouthState Bank by 810.7% during the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock worth $69,548,000 after purchasing an additional 672,721 shares during the period. Invesco Ltd. raised its stake in shares of SouthState Bank by 35.6% during the 3rd quarter. Invesco Ltd. now owns 1,591,034 shares of the company’s stock valued at $157,306,000 after buying an additional 418,031 shares during the last quarter. Algebris UK Ltd. lifted its holdings in shares of SouthState Bank by 199.4% in the 4th quarter. Algebris UK Ltd. now owns 522,594 shares of the company’s stock valued at $49,204,000 after buying an additional 348,022 shares during the period. Finally, Verition Fund Management LLC boosted its stake in shares of SouthState Bank by 426.9% in the third quarter. Verition Fund Management LLC now owns 380,598 shares of the company’s stock worth $37,630,000 after buying an additional 308,362 shares during the last quarter. 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 business’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the completion of the sale, the director owned 12,700 shares of the company’s stock, valued at $1,249,553. The trade was a 52.96% decrease in their ownership of the stock. 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 currently owned by company insiders.
SouthState Bank Stock Up 3.0%
SouthState Bank (NYSE:SSB – Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share 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 during the quarter, compared to the consensus estimate of $669.29 million. During the same period in the prior year, the company posted $0.87 EPS. Analysts predict that SouthState Bank Corporation will post 9.49 earnings per share for the current fiscal year.
SouthState Bank Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were given a dividend of $0.60 per share. The ex-dividend date was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. SouthState Bank’s dividend payout ratio is currently 25.89%.
Wall Street Analysts Forecast Growth
SSB has been the subject of several recent research reports. Hovde Group lifted their price target on SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Barclays dropped their price objective on shares of SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. TD Cowen cut their target price on shares of SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a report on Monday, April 27th. DA Davidson boosted their target price on shares of SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Finally, Weiss Ratings downgraded shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $118.62.
Read Our Latest Stock Report on SouthState Bank
SouthState Bank Company 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.
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