Deprince Race & Zollo Inc. Buys 15,672 Shares of SouthState Bank Corporation $SSB

Key Points

• Deprince Race & Zollo Inc. increased its stake in SouthState Bank by 10.6%, buying 15,672 shares to own 163,352 shares (about 0.16% of the company) valued at roughly $15.37 million.
• Several analysts raised targets and ratings in late January–early February (including TD Cowen, Citigroup, Jefferies and DA Davidson), leaving a MarketBeat consensus of Buy with an average price target of $118.71.
• SouthState beat Q4 expectations with EPS of $2.47 (vs. $2.30 est.) on $686.9M revenue, and recently paid a $0.60 quarterly dividend (annualized $2.40, ~2.5% yield).

Deprince Race & Zollo Inc. grew its position in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 10.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 163,352 shares of the company's stock after buying an additional 15,672 shares during the quarter. Deprince Race & Zollo Inc. owned 0.16% of SouthState Bank worth $15,373,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Mather Group LLC. bought a new position in shares of SouthState Bank during the 3rd quarter worth approximately $33,000. Global Retirement Partners LLC lifted its position in shares of SouthState Bank by 106.8% during the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company's stock worth $36,000 after buying an additional 188 shares in the last quarter. True Wealth Design LLC lifted its position in shares of SouthState Bank by 37,700.0% during the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company's stock worth $37,000 after buying an additional 377 shares in the last quarter. Covestor Ltd lifted its position in shares of SouthState Bank by 385.1% during the 3rd quarter. Covestor Ltd now owns 490 shares of the company's stock worth $49,000 after buying an additional 389 shares in the last quarter. Finally, Measured Wealth Private Client Group LLC bought a new position in shares of SouthState Bank during the 3rd quarter worth approximately $51,000. Institutional investors own 89.76% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on SSB. TD Cowen lifted their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the stock a "buy" rating in a research report on Monday, January 26th. Citigroup lifted their target price on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a "buy" rating in a research report on Monday, January 26th. Weiss Ratings raised shares of SouthState Bank from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, January 26th. Jefferies Financial Group lifted their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a "buy" rating in a research report on Monday, February 2nd. Finally, DA Davidson raised their price target on shares of SouthState Bank from $119.00 to $125.00 and gave the stock a "buy" rating in a research note on Thursday, February 5th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $118.71.

SouthState Bank Trading Up 0.1%

Shares of SSB stock opened at $97.76 on Tuesday. The company has a 50 day moving average of $97.43 and a 200-day moving average of $95.45. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.03. SouthState Bank Corporation has a 12-month low of $80.54 and a 12-month high of $108.46. The firm has a market cap of $9.59 billion, a P/E ratio of 12.44 and a beta of 0.75.

SouthState Bank (NYSE:SSB - Get Free Report) last issued its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, topping 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 company had revenue of $686.87 million during the quarter, compared to analyst estimates of $667.88 million. During the same quarter last year, the business posted $1.93 EPS.

SouthState Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, February 6th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, February 6th. SouthState Bank's payout ratio is currently 30.53%.

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.

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