Mirabella Financial Services LLP Trims Stock Holdings in SouthState Bank Corporation $SSB

Mirabella Financial Services LLP lowered its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 47.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,322 shares of the company’s stock after selling 4,895 shares during the period. Mirabella Financial Services LLP’s holdings in SouthState Bank were worth $532,000 as of its most recent SEC filing.

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

Insider Activity

In other news, Director David R. Brooks sold 24,650 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the completion of the sale, the director directly owned 7,900 shares in the company, valued at $869,000. This represents a 75.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.70% of the stock is owned by corporate insiders.

SouthState Bank Price Performance

SSB opened at $111.62 on Friday. The company’s 50 day simple moving average is $102.20 and its 200 day simple moving average is $98.82. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $111.79. The stock has a market capitalization of $10.82 billion, a PE ratio of 11.74 and a beta of 0.71.

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

SouthState Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were paid a dividend of $0.66 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.64 annualized dividend and a dividend yield of 2.4%. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s dividend payout ratio is presently 27.76%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Weiss Ratings raised shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 14th. Stephens reiterated an “overweight” rating and issued a $116.00 price target on shares of SouthState Bank in a report on Monday, July 27th. Wall Street Zen lowered SouthState Bank from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Fundamental Research set a $120.00 price objective on SouthState Bank in a report on Wednesday, July 1st. Finally, JPMorgan Chase & Co. lifted their price objective on SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $119.64.

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.