Ceredex Value Advisors LLC Acquires 228,535 Shares of SouthState Bank Corporation $SSB

Key Points

• Ceredex Value Advisors LLC boosted its stake in SouthState Bank by 139.2%, adding 228,535 shares to hold 392,750 shares (about 0.39% of the company) valued at $38.83 million after the 3rd quarter.
• SouthState beat quarterly estimates with EPS of $2.47 (vs. $2.30) and revenue of $686.87M (vs. $667.88M), and declared a $0.60 quarterly dividend (annualized $2.40, yield 2.6%, payout ratio 30.53%).
• Analyst sentiment is bullish, with multiple firms raising targets (to as high as about $125–$126) and a consensus rating of Buy and a $118.71 price target.

Ceredex Value Advisors LLC raised its holdings in SouthState Bank Corporation (NYSE:SSB - Free Report) by 139.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 392,750 shares of the company's stock after purchasing an additional 228,535 shares during the quarter. Ceredex Value Advisors LLC owned approximately 0.39% of SouthState Bank worth $38,831,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Bank of Montreal Can increased its stake in shares of SouthState Bank by 2,256.9% in the third quarter. Bank of Montreal Can now owns 269,088 shares of the company's stock valued at $26,605,000 after buying an additional 257,671 shares in the last quarter. Swiss National Bank lifted its position in SouthState Bank by 1.6% during the 3rd quarter. Swiss National Bank now owns 196,730 shares of the company's stock worth $19,451,000 after buying an additional 3,100 shares in the last quarter. Natixis Advisors LLC grew its holdings in SouthState Bank by 205.6% during the 3rd quarter. Natixis Advisors LLC now owns 72,903 shares of the company's stock worth $7,208,000 after acquiring an additional 49,050 shares during the last quarter. Blair William & Co. IL grew its holdings in SouthState Bank by 15.2% during the 3rd quarter. Blair William & Co. IL now owns 3,159 shares of the company's stock worth $312,000 after acquiring an additional 417 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in SouthState Bank by 16.4% during the 3rd quarter. First Trust Advisors LP now owns 881,509 shares of the company's stock worth $87,155,000 after acquiring an additional 124,417 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Bank Stock Down 0.8%

Shares of NYSE:SSB opened at $93.82 on Tuesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.93 and a quick ratio of 0.92. The stock has a market cap of $9.20 billion, a price-to-earnings ratio of 11.94 and a beta of 0.73. The company has a 50 day moving average of $100.31 and a 200-day moving average of $97.00. SouthState Bank Corporation has a one year low of $77.74 and a one year high of $108.46.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.17. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. The business had revenue of $686.87 million for the quarter, compared to analyst estimates of $667.88 million. During the same period in the prior year, the business posted $1.93 earnings per share.

SouthState Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were paid a $0.60 dividend. The ex-dividend date of this dividend was Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.6%. SouthState Bank's dividend payout ratio is 30.53%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SSB shares. Raymond James Financial boosted their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, January 7th. Stephens increased their price target on shares of SouthState Bank from $110.00 to $120.00 and gave the company an "overweight" rating in a research note on Monday, January 26th. Jefferies Financial Group raised their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the company a "buy" rating in a report on Monday, February 2nd. Barclays boosted their price objective 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. Finally, TD Cowen increased their price objective on SouthState Bank from $115.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, SouthState Bank has a consensus rating of "Buy" and a consensus target price of $118.71.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.