Brant Point Investment Management Increases Stake in SouthState Bank

Brant Point Investment Management LLC has raised its ownership in SouthState Bank Corporation (NYSE: SSB) by acquiring an additional 5,574 shares during the second quarter of 2023. This increase represents a 15.0% rise in Brant Point’s stake, bringing its total holdings in the bank to 42,785 shares, valued at approximately $3,938,000 as reported in its latest SEC filing.

Several other institutional investors have also made notable adjustments to their positions in SouthState Bank. For instance, Cetera Investment Advisers expanded its holdings by an impressive 188.5% in the first quarter, now owning 13,756 shares valued at around $1,277,000. Similarly, LPL Financial LLC increased its stake by 45.1%, bringing its total to 25,664 shares valued at $2,382,000. Other significant investors include US Bancorp DE, which raised its stake by 81.1%, and PNC Financial Services Group Inc., which boosted its holdings by 209.1%. Vanguard Group Inc. remains the largest shareholder, owning over 11 million shares valued at more than $1 billion.

Analyst Ratings and Market Performance

The stock has garnered attention from various analysts, reflecting a mixed outlook. According to a report from National Bankshares, the target price for SouthState Bank is set at $127.00. Citigroup has adjusted its price target to $116.00, while Zacks Research has downgraded the stock from a “strong-buy” to a “hold” rating. The current consensus rating stands at “Moderate Buy,” with an average price target of $115.31 based on data from MarketBeat.

As of October 23, 2023, SouthState Bank opened at $92.02. Over the past year, the stock has fluctuated between a low of $77.74 and a high of $111.83. The company maintains a market capitalization of $9.25 billion, with a price-to-earnings (P/E) ratio of 12.66 and a beta of 0.76.

Recent Earnings and Dividend Announcement

In a recent earnings report released on October 22, 2023, SouthState Bank exceeded analysts’ expectations by posting earnings of $2.58 per share, surpassing estimates of $2.20 by $0.38. The company reported a net margin of 20.25% and a return on equity of 10.70%, with total revenue reaching $698.78 million, compared to projections of $660.41 million.

The bank also declared a quarterly dividend of $0.60, paid to shareholders on November 14, 2023. This translates to an annualized dividend of $2.40, providing a yield of 2.6%. The dividend payout ratio currently stands at 33.01%.

SouthState Bank Corporation operates as the holding company for SouthState Bank, offering a variety of banking services and products. It caters to both individual and corporate clients, providing checking accounts, savings deposits, and other financial services.

As institutional investors continue to adjust their stakes and analysts weigh in on the bank’s performance, SouthState Bank remains a focal point in the financial sector, demonstrating robust growth and investor confidence.