Maverick Capital Ltd. Makes New Investment in SouthState Bank Corporation $SSB

Maverick Capital Ltd. acquired a new stake in SouthState Bank Corporation (NYSE:SSB) during the 1st quarter, Holdings Channel.com reports. The fund acquired 13,497 shares of the company’s stock, valued at approximately $1,249,000.

Several other institutional investors have also recently made changes to their positions in SSB. FJ Capital Management LLC lifted its stake in shares of 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 during the period. NFJ Investment Group LLC acquired a new stake in SouthState Bank during the fourth quarter valued at $30,930,000. Geode Capital Management LLC grew its position in 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. Northwestern Mutual Wealth Management Co. increased its holdings in SouthState Bank by 350.8% in 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 in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in SouthState Bank in the first quarter valued at $4,898,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Bank Stock Performance

NYSE:SSB opened at $106.64 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.93 and a current ratio of 0.93. The company has a fifty day moving average of $98.51 and a two-hundred day moving average of $97.90. The stock has a market capitalization of $10.42 billion, a PE ratio of 11.21 and a beta of 0.70. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $108.46.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data 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. 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 the consensus estimate of $676.83 million. During the same period last year, the firm posted $2.30 earnings per share. As a group, research analysts forecast that SouthState Bank Corporation will post 9.52 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be paid 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 yield of 2.5%. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s dividend payout ratio is 25.24%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SSB. Barclays decreased their price objective on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a research report on Tuesday, July 7th. Stephens restated an “overweight” rating and issued a $116.00 price target on shares of SouthState Bank in a research note on Monday. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. Truist Financial increased their price target on SouthState Bank from $108.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Piper Sandler raised their price objective on SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a report on Monday. 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’s stock. Based on data from MarketBeat, SouthState Bank currently has an average rating of “Moderate Buy” and an average target price of $119.64.

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.