Kennedy Capital Management LLC Sells 44,319 Shares of SouthState Bank Corporation $SSB

Key Points

• Kennedy Capital Management trimmed its stake in SouthState Bank by 18.9%, selling 44,319 shares and now holding 190,399 shares (about 0.19%) valued at ~$18.83 million; institutional investors collectively own ~89.76% of the stock.
• SouthState beat quarterly estimates with EPS of $2.47 vs. $2.30 and revenue of $686.87M vs. $667.88M, reporting a net margin of 21.26% and ROE of 10.86%.
• The bank pays a quarterly dividend of $0.60 (annualized $2.40, yield ~2.6%, DPR ~30.5%), and analysts have raised targets—consensus rating is "Buy" with an average price target of $118.71.

Kennedy Capital Management LLC trimmed its holdings in SouthState Bank Corporation (NYSE:SSB - Free Report) by 18.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 190,399 shares of the company's stock after selling 44,319 shares during the period. Kennedy Capital Management LLC owned approximately 0.19% of SouthState Bank worth $18,825,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in SSB. Mather Group LLC. purchased a new position in shares of SouthState Bank in the third quarter valued at $33,000. Global Retirement Partners LLC lifted its holdings in 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 purchasing an additional 188 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new stake in shares of SouthState Bank during the second quarter valued at about $34,000. True Wealth Design LLC increased its position in shares of SouthState Bank by 37,700.0% during the third quarter. True Wealth Design LLC now owns 378 shares of the company's stock valued at $37,000 after buying an additional 377 shares during the period. Finally, Covestor Ltd lifted its holdings in shares of SouthState Bank by 385.1% in the third 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. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Bank Stock Up 0.5%

Shares of SSB traded up $0.48 during trading hours on Friday, hitting $90.93. The company had a trading volume of 51,177 shares, compared to its average volume of 843,623. The firm has a fifty day moving average price of $100.16 and a 200-day moving average price of $96.87. The stock has a market capitalization of $8.92 billion, a price-to-earnings ratio of 11.57 and a beta of 0.73. SouthState Bank Corporation has a 52-week low of $77.74 and a 52-week high of $108.46. 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 (NYSE:SSB - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $686.87 million during the quarter, compared to the consensus estimate of $667.88 million. During the same quarter last year, the firm earned $1.93 earnings per share.

SouthState Bank Announces Dividend

The business also recently announced 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 2.6%. SouthState Bank's dividend payout ratio (DPR) is currently 30.53%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. 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 research note on Wednesday, January 7th. Barclays lifted their price target on shares of SouthState Bank from $122.00 to $126.00 and gave the stock an "overweight" rating in a research note on Monday, January 26th. DA Davidson increased their target price on SouthState Bank from $119.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, February 5th. Jefferies Financial Group raised their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a "buy" rating in a report on Monday, February 2nd. Finally, Stephens boosted their target price on SouthState Bank from $110.00 to $120.00 and gave the company an "overweight" rating in a research note on Monday, January 26th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target 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.

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