BTG Pactual Asset Management US LLC Buys Shares of 4,831 SouthState Bank Corporation $SSB

BTG Pactual Asset Management US LLC bought a new position in SouthState Bank Corporation (NYSE:SSB) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 4,831 shares of the company’s stock, valued at approximately $483,000.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in SouthState Bank during the 2nd quarter valued at about $981,557,000. Norges Bank purchased a new position in shares of SouthState Bank during the fourth quarter valued at approximately $125,940,000. Bank of New York Mellon Corp bought a new position in SouthState Bank during the second quarter valued at approximately $130,419,000. AQR Capital Management LLC boosted its holdings in SouthState Bank by 269.4% in 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. Finally, The Manufacturers Life Insurance Company bought a new stake in SouthState Bank in the 2nd quarter worth approximately $85,467,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SSB shares. Piper Sandler increased their price target on SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 27th. DA Davidson reiterated a “buy” rating and set a $125.00 price objective on shares of SouthState Bank in a research report on Wednesday, June 10th. TD Cowen increased their target price on SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Fundamental Research set a $120.00 price target on SouthState Bank in a research note on Wednesday, July 1st. Finally, Wall Street Zen lowered shares of SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. One investment 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 MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $119.64.

SouthState Bank Stock Down 1.0%

Shares of SSB opened at $104.87 on Tuesday. The company has a market capitalization of $10.17 billion, a PE ratio of 11.03 and a beta of 0.71. 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 Corporation has a 12-month low of $84.47 and a 12-month high of $112.20. The business’s 50 day moving average is $104.46 and its 200 day moving average is $99.02.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The firm had revenue of $672.67 million during the quarter, compared to analyst estimates of $676.83 million. During the same quarter in the prior year, the business earned $2.30 earnings per share. Research analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were paid a dividend of $0.66 per share. The ex-dividend date of this dividend was Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. SouthState Bank’s payout ratio is currently 27.76%.

Insider Activity

In other SouthState Bank news, CFO William E. V. Matthews sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was 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 of the company’s stock, 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 legal filing with the SEC, which is available through this link. Also, Director David R. Brooks sold 24,650 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the sale, the director owned 7,900 shares in the company, valued at approximately $869,000. This trade represents a 75.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 34,831 shares of company stock worth $3,814,274 over the last 90 days. Corporate insiders own 1.70% of the company’s stock.

About SouthState Bank

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.