Advisory Research Inc. Sells 99,059 Shares of SouthState Bank Corporation $SSB

Key Points

• Advisory Research cut its stake in SouthState Bank by 67.4%, selling 99,059 shares and leaving it with 47,870 shares valued at about $4.73 million as of the 3rd-quarter 13F filing.
• SouthState beat expectations for the quarter with $2.47 EPS (vs. $2.30 est.) and stronger revenue, and it pays a quarterly dividend of $0.60 (annualized $2.40) for a ~2.7% yield and a ~30.5% payout ratio.
• Analysts are largely positive—MarketBeat shows an average rating of Buy and an average price target of $118.71, with several firms (Barclays, Stephens, Raymond James) recently raising targets.

Advisory Research Inc. lessened its stake in SouthState Bank Corporation (NYSE:SSB - Free Report) by 67.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 47,870 shares of the company's stock after selling 99,059 shares during the quarter. Advisory Research Inc.'s holdings in SouthState Bank were worth $4,733,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Laurel Wealth Advisors LLC raised its stake in SouthState Bank by 9,074.2% in the second quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company's stock valued at $132,125,000 after buying an additional 1,420,019 shares during the period. Norges Bank bought a new stake in SouthState Bank in the 2nd quarter valued at $109,029,000. Qube Research & Technologies Ltd acquired a new stake in SouthState Bank during the 2nd quarter valued at $81,769,000. Jane Street Group LLC grew its stake in SouthState Bank by 810.7% in the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company's stock valued at $69,548,000 after buying an additional 672,721 shares during the last quarter. Finally, Invesco Ltd. increased its position in SouthState Bank by 90.8% during the 2nd quarter. Invesco Ltd. now owns 1,173,003 shares of the company's stock worth $107,951,000 after buying an additional 558,252 shares during the period. 89.76% of the stock is owned by institutional investors.

SouthState Bank Price Performance

SSB stock opened at $90.45 on Friday. The company has a market capitalization of $8.87 billion, a P/E ratio of 11.51 and a beta of 0.73. The company has a fifty day moving average price of $100.16 and a 200-day moving average price of $96.87. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.93. SouthState Bank Corporation has a 52-week low of $77.74 and a 52-week high of $108.46.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, topping the consensus estimate of $2.30 by $0.17. The firm had revenue of $686.87 million for the quarter, compared to the consensus estimate of $667.88 million. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.During the same period in the previous year, the business earned $1.93 EPS.

SouthState Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, February 6th. SouthState Bank's dividend payout ratio is currently 30.53%.

Analysts Set New Price Targets

SSB has been the topic of a number of recent research reports. Barclays raised their price target on shares of SouthState Bank from $122.00 to $126.00 and gave the stock an "overweight" rating in a research report on Monday, January 26th. JPMorgan Chase & Co. began coverage on SouthState Bank in a research note on Friday, December 12th. They set an "overweight" rating and a $115.00 price objective on the stock. Weiss Ratings raised SouthState Bank from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, January 26th. Stephens boosted their price target on SouthState Bank from $110.00 to $120.00 and gave the stock an "overweight" rating in a report on Monday, January 26th. Finally, Raymond James Financial increased their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the stock a "strong-buy" rating in a report on Wednesday, January 7th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, SouthState Bank presently has an average rating of "Buy" and an average price target of $118.71.

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.

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