SouthState Bank Corporation $SSB Shares Acquired by Algebris UK Ltd.

Algebris UK Ltd. raised its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 199.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 522,594 shares of the company’s stock after acquiring an additional 348,022 shares during the quarter. SouthState Bank makes up 2.3% of Algebris UK Ltd.’s investment portfolio, making the stock its 8th biggest holding. Algebris UK Ltd.’s holdings in SouthState Bank were worth $49,204,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in SSB. AQR Capital Management LLC boosted its position in shares of SouthState Bank by 269.4% during the 3rd quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock worth $120,530,000 after acquiring an additional 889,042 shares in the last quarter. Jane Street Group LLC boosted its position in shares of 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 acquiring an additional 672,721 shares in the last quarter. Invesco Ltd. boosted its position 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 worth $157,306,000 after acquiring an additional 418,031 shares in the last quarter. Verition Fund Management LLC boosted its position in shares of SouthState Bank by 426.9% during the 3rd quarter. Verition Fund Management LLC now owns 380,598 shares of the company’s stock worth $37,630,000 after acquiring an additional 308,362 shares in the last quarter. Finally, Bank of Montreal Can boosted its position in shares of SouthState Bank by 2,256.9% during the 3rd quarter. Bank of Montreal Can now owns 269,088 shares of the company’s stock worth $26,605,000 after acquiring an additional 257,671 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Bank Stock Up 2.7%

SouthState Bank stock opened at $94.56 on Thursday. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $108.46. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. The company has a market capitalization of $9.24 billion, a P/E ratio of 10.20 and a beta of 0.72. The stock has a 50-day simple moving average of $94.43 and a 200-day simple moving average of $95.61.

SouthState Bank (NYSE:SSB) last posted its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, beating 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 previous year, the business earned $0.87 EPS. Equities research analysts expect that SouthState Bank Corporation will post 9.46 earnings per share for the current year.

SouthState Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s payout ratio is presently 25.89%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SSB shares. Wall Street Zen raised SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday. Weiss Ratings raised SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Hovde Group upped their price objective on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Stephens boosted their target price on SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Monday, January 26th. Finally, Barclays reduced their target price on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating for the company in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $118.23.

Insider Buying and Selling

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was 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 directly owned 12,700 shares of the company’s stock, valued at $1,249,553. This represents a 52.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.70% of the stock is currently owned by corporate insiders.

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.