BW Gestao de Investimentos Ltda. Invests $11.76 Million in SouthState Bank Corporation $SSB

BW Gestao de Investimentos Ltda. purchased a new position in SouthState Bank Corporation (NYSE:SSB) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 125,005 shares of the company’s stock, valued at approximately $11,764,000.

Several other hedge funds and other institutional investors have also made changes to their positions in SSB. Norges Bank bought a new position in shares of SouthState Bank in the 4th quarter worth $125,940,000. AQR Capital Management LLC boosted its position in shares of SouthState Bank by 269.4% in the 3rd 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. Jane Street Group LLC boosted its position in shares of SouthState Bank by 810.7% in the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock worth $69,548,000 after purchasing an additional 672,721 shares during the last quarter. Invesco Ltd. lifted its holdings in SouthState Bank by 35.6% during the third 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. Finally, Algebris UK Ltd. lifted its holdings in SouthState Bank by 199.4% during the fourth quarter. Algebris UK Ltd. now owns 522,594 shares of the company’s stock worth $49,204,000 after acquiring an additional 348,022 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SSB has been the topic of several recent analyst reports. Jefferies Financial Group lifted their target price on SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Barclays reduced their target price on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a report on Monday, April 27th. JPMorgan Chase & Co. lifted their target price on SouthState Bank from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday, May 21st. Truist Financial reduced their target price on SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Finally, Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. One 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 company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $118.62.

SouthState Bank Price Performance

NYSE:SSB opened at $92.49 on Tuesday. 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 stock’s 50-day simple moving average is $95.02 and its 200 day simple moving average is $95.96. The company has a market cap of $9.03 billion, a P/E ratio of 9.98 and a beta of 0.70. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. The business had revenue of $661.70 million for the quarter, compared to the consensus estimate of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same quarter in the previous year, the business earned $0.87 earnings per share. As a group, sell-side analysts forecast that SouthState Bank Corporation will post 9.49 EPS for the current fiscal year.

SouthState Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were given a $0.60 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.6%. SouthState Bank’s payout ratio is currently 25.89%.

Insider Activity

In related news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction dated 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 sale, the director owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. The trade was a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.70% of the company’s stock.

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.