AXQ Capital LP Takes $926,000 Position in SouthState Bank Corporation $SSB

AXQ Capital LP purchased a new position in SouthState Bank Corporation (NYSE:SSB) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 9,836 shares of the company’s stock, valued at approximately $926,000.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in SouthState Bank by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock worth $1,029,315,000 after purchasing an additional 161,928 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in SouthState Bank by 1.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,666,617 shares of the company’s stock worth $461,392,000 after purchasing an additional 84,812 shares in the last quarter. Geode Capital Management LLC lifted its holdings 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. Invesco Ltd. increased its stake in SouthState Bank by 35.6% in 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 during the last quarter. Finally, Norges Bank bought a new stake in SouthState Bank in the 4th quarter worth approximately $125,940,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Price Performance

SSB opened at $94.19 on Wednesday. The business has a fifty day moving average of $95.02 and a 200 day moving average of $95.96. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. The stock has a market cap of $9.20 billion, a P/E ratio of 10.16 and a beta of 0.70.

SouthState Bank (NYSE:SSB) last issued 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 analysts’ expectations of $669.29 million. During the same period in the prior year, the business earned $0.87 EPS. As a group, sell-side analysts anticipate that SouthState Bank Corporation will post 9.49 EPS for the current year.

SouthState Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders 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 was Friday, May 8th. SouthState Bank’s dividend payout ratio is currently 25.89%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Barclays reduced their price objective on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. DA Davidson lifted their price objective on SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. TD Cowen reduced their price objective on SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Truist Financial reduced their price objective on SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Finally, Wall Street Zen raised SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, SouthState Bank has a consensus rating of “Buy” and a consensus price target of $118.62.

Insider Buying and Selling at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the sale, the director directly owned 12,700 shares in the company, valued at approximately $1,249,553. This represents a 52.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.