Quantinno Capital Management LP Acquires 36,351 Shares of SouthState Bank Corporation $SSB

Quantinno Capital Management LP raised its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 58.5% during the first quarter, HoldingsChannel reports. The fund owned 98,477 shares of the company’s stock after purchasing an additional 36,351 shares during the quarter. Quantinno Capital Management LP’s holdings in SouthState Bank were worth $9,111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Root Financial Partners LLC boosted its holdings in shares of SouthState Bank by 100.0% in the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after acquiring an additional 210 shares during the period. Measured Wealth Private Client Group LLC bought a new stake in shares of SouthState Bank during the 3rd quarter valued at $51,000. GHP Investment Advisors Inc. bought a new stake in shares of SouthState Bank during the 1st quarter valued at $52,000. Danske Bank A S purchased a new stake in SouthState Bank during the 3rd quarter worth about $59,000. Finally, Harbour Investments Inc. purchased a new stake in SouthState Bank during the 4th quarter worth about $68,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Bank Stock Performance

Shares of SSB stock opened at $109.29 on Wednesday. The company has a market capitalization of $10.67 billion, a P/E ratio of 11.49 and a beta of 0.71. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. The stock has a 50 day moving average price of $99.72 and a two-hundred day moving average price of $98.22. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $109.80.

SouthState Bank (NYSE:SSB) last posted its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. The firm had revenue of $672.67 million for the quarter, compared to analysts’ expectations of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same period in the previous year, the firm earned $2.30 earnings per share. Analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, August 7th will be given a $0.66 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s payout ratio is currently 27.76%.

Insider Activity

In related news, Director David R. Brooks sold 6,181 shares of SouthState Bank stock in a transaction dated 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 trade represents a 77.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SSB shares. TD Cowen lifted their target price on SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Fundamental Research set a $120.00 price target on shares of SouthState Bank in a report on Wednesday, July 1st. Truist Financial raised their price objective on shares of SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. DA Davidson reaffirmed a “buy” rating and set a $125.00 price objective on shares of SouthState Bank in a research note on Wednesday, June 10th. Finally, Wall Street Zen lowered shares of SouthState Bank from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $119.64.

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.