BTG Pactual Asset Management US LLC Makes New Investment in SouthState Bank Corporation $SSB

BTG Pactual Asset Management US LLC bought a new stake in SouthState Bank Corporation (NYSE:SSB) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,831 shares of the company’s stock, valued at approximately $483,000.

Several other institutional investors have also recently made changes to their positions in SSB. Jane Street Group LLC grew its holdings in SouthState Bank by 4.6% during the 1st quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock valued at $7,703,000 after purchasing an additional 3,678 shares during the last quarter. M&T Bank Corp purchased a new position in shares of SouthState Bank during the second quarter valued at approximately $245,000. Arrowstreet Capital Limited Partnership grew its stake in shares of SouthState Bank by 1,801.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company’s stock valued at $5,825,000 after buying an additional 59,962 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of SouthState Bank by 31.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock valued at $176,000 after buying an additional 452 shares during the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of SouthState Bank in the second quarter worth approximately $919,000. Institutional investors own 89.76% of the company’s stock.

Insiders Place Their Bets

In other SouthState Bank news, CFO William E. V. Matthews sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total value of $435,720.00. Following the sale, the chief financial officer directly owned 40,568 shares of the company’s stock, valued at approximately $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the sale, the director owned 7,900 shares in the company, valued at approximately $869,000. This represents a 75.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 34,831 shares of company stock worth $3,814,274 over the last three months. Corporate insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

SSB has been the subject of a number of research analyst reports. Barclays decreased their price target on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a research note on Tuesday, July 7th. JPMorgan Chase & Co. upped their target price on SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th. UBS Group lowered SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target on the stock. in a research note on Tuesday, July 7th. Finally, DA Davidson reiterated a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $119.64.

SouthState Bank Trading Down 1.0%

NYSE SSB opened at $104.87 on Tuesday. The firm has a market cap of $10.17 billion, a PE ratio of 11.03 and a beta of 0.71. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $112.20. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. The company has a 50 day moving average price of $104.46 and a 200 day moving average price of $99.02.

SouthState Bank (NYSE:SSB) last released its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The business had revenue of $672.67 million for the quarter, compared to analyst estimates of $676.83 million. During the same period in the previous year, the company earned $2.30 earnings per share. As a group, sell-side analysts forecast that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were paid a $0.66 dividend. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date was Friday, August 7th. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. SouthState Bank’s dividend payout ratio (DPR) is 27.76%.

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.