Dimensional Fund Advisors LP Grows Stock Holdings in SouthState Bank Corporation $SSB

Key Points

• Dimensional Fund Advisors LP increased its stake in SouthState Bank (NYSE:SSB) by 1.9% in Q3 to 4,666,617 shares, representing 4.64% ownership worth about $461.4 million.
• Analysts hold a consensus Buy on SSB with an average price target of $118.71; several firms recently raised targets to around $120 and JPMorgan initiated coverage with an overweight rating at $115.
• SouthState beat quarterly expectations with $2.47 EPS vs. $2.30 expected and revenue above estimates, and it declared a quarterly dividend of $0.60 (annualized yield ~2.4%).

Dimensional Fund Advisors LP lifted its position in SouthState Bank Corporation (NYSE:SSB - Free Report) by 1.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,666,617 shares of the company's stock after purchasing an additional 84,812 shares during the quarter. Dimensional Fund Advisors LP owned 4.64% of SouthState Bank worth $461,392,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of SSB. Mather Group LLC. purchased a new stake in SouthState Bank in the third quarter worth approximately $33,000. Steward Partners Investment Advisory LLC bought a new stake in shares of SouthState Bank in the 2nd quarter worth approximately $34,000. Global Retirement Partners LLC boosted its stake in shares of SouthState Bank by 106.8% in the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company's stock valued at $36,000 after purchasing an additional 188 shares in the last quarter. True Wealth Design LLC boosted its stake in shares of SouthState Bank by 37,700.0% in the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company's stock valued at $37,000 after purchasing an additional 377 shares in the last quarter. Finally, Covestor Ltd grew its holdings in shares of SouthState Bank by 385.1% during the 3rd quarter. Covestor Ltd now owns 490 shares of the company's stock valued at $49,000 after purchasing an additional 389 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SSB shares. JPMorgan Chase & Co. assumed coverage on shares of SouthState Bank in a research note on Friday, December 12th. They issued an "overweight" rating and a $115.00 price target for the company. UBS Group lowered their target price on SouthState Bank from $125.00 to $120.00 and set a "buy" rating for the company in a research note on Wednesday, November 5th. Citigroup increased their target price on SouthState Bank from $116.00 to $120.00 and gave the company a "buy" rating in a report on Monday, January 26th. Stephens lifted their price target on SouthState Bank from $110.00 to $120.00 and gave the stock an "overweight" rating in a research note 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 note on Monday, January 26th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $118.71.

SouthState Bank Stock Up 0.5%

Shares of NYSE:SSB opened at $99.05 on Thursday. The stock's 50-day moving average is $100.34 and its 200 day moving average is $97.01. The company has a market cap of $9.71 billion, a PE ratio of 12.60 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank Corporation has a 1 year low of $77.74 and a 1 year high of $108.46.

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

SouthState Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, February 6th were issued a $0.60 dividend. The ex-dividend date was Friday, February 6th. This represents a $2.40 annualized dividend and a yield of 2.4%. SouthState Bank's payout ratio is 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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