Quantinno Capital Management LP Has $9.11 Million Holdings in SouthState Bank Corporation $SSB

Quantinno Capital Management LP grew its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 58.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,477 shares of the company’s stock after buying an additional 36,351 shares during the quarter. Quantinno Capital Management LP owned approximately 0.10% of SouthState Bank worth $9,111,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. FJ Capital Management LLC raised its position in SouthState Bank by 54.0% during the fourth quarter. FJ Capital Management LLC now owns 813,033 shares of the company’s stock worth $76,515,000 after acquiring an additional 285,091 shares in the last quarter. NFJ Investment Group LLC bought a new position in shares of SouthState Bank during the fourth quarter worth approximately $30,930,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of SouthState Bank during the first quarter worth $4,898,000. Geode Capital Management LLC raised its stake in SouthState Bank by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock worth $175,653,000 after purchasing an additional 85,981 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in SouthState Bank by 350.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company’s stock worth $2,100,000 after buying an additional 17,365 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

SSB has been the topic of several research analyst reports. Truist Financial raised their price objective on SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. TD Cowen increased their price objective on SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Weiss Ratings raised shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th. Wall Street Zen lowered SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Finally, UBS Group lowered shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price objective for the company. in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, SouthState Bank has a consensus rating of “Moderate Buy” and an average price target of $119.64.

SouthState Bank Price Performance

Shares of NYSE:SSB opened at $109.29 on Wednesday. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $109.80. The stock has a market cap of $10.67 billion, a PE ratio of 11.49 and a beta of 0.71. The stock’s fifty day simple moving average is $99.72 and its two-hundred day simple moving average is $98.22. 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 issued its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $672.67 million during the quarter, compared to the consensus estimate of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same period in the prior year, the firm posted $2.30 EPS. As a group, analysts forecast that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be given a dividend of $0.66 per share. The ex-dividend date is Friday, August 7th. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 2.4%. SouthState Bank’s dividend payout ratio (DPR) is currently 27.76%.

Insider Buying and Selling at SouthState Bank

In other news, Director David R. Brooks sold 6,181 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $107.92, for a total transaction of $667,053.52. Following the completion of the transaction, the director directly owned 1,762 shares of the company’s stock, valued at $190,155.04. This represents a 77.82% 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 owned by corporate insiders.

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.