Ruffer LLP Takes Position in SouthState Bank Corporation $SSB

Key Points

• Ruffer LLP purchased a new stake of 32,661 shares in SouthState Bank (NYSE:SSB) in Q4, valued at approximately $3.08 million.
• Several large institutions — including AQR, Jane Street, Invesco, Verition and Bank of Montreal — significantly increased their holdings, leaving 89.76% institutional ownership of the stock.
• SouthState beat Q4 EPS estimates ($2.47 vs. $2.30) and posted strong margins, and analysts have raised targets resulting in a consensus Buy rating with a target price of $118.71.

Ruffer LLP bought a new stake in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 32,661 shares of the company's stock, valued at approximately $3,078,000.

Several other large investors have also recently made changes to their positions in SSB. AQR Capital Management LLC lifted its holdings in shares of SouthState Bank by 269.4% during the third quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company's stock valued at $120,530,000 after purchasing an additional 889,042 shares during the last quarter. Jane Street Group LLC increased its position in shares of SouthState Bank by 810.7% during the second quarter. Jane Street Group LLC now owns 755,705 shares of the company's stock valued at $69,548,000 after acquiring an additional 672,721 shares in the last quarter. Invesco Ltd. increased its position in shares of SouthState Bank by 35.6% during the third quarter. Invesco Ltd. now owns 1,591,034 shares of the company's stock valued at $157,306,000 after acquiring an additional 418,031 shares in the last quarter. Verition Fund Management LLC increased its position in shares of SouthState Bank by 426.9% during the third quarter. Verition Fund Management LLC now owns 380,598 shares of the company's stock valued at $37,630,000 after acquiring an additional 308,362 shares in the last quarter. Finally, Bank of Montreal Can increased its position in shares of SouthState Bank by 2,256.9% during the third quarter. Bank of Montreal Can now owns 269,088 shares of the company's stock valued at $26,605,000 after acquiring an additional 257,671 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Trading Down 1.6%

NYSE:SSB opened at $98.54 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.03. SouthState Bank Corporation has a 12 month low of $83.92 and a 12 month high of $108.46. The company has a market cap of $9.66 billion, a PE ratio of 12.54 and a beta of 0.75. The company has a 50 day simple moving average of $96.53 and a two-hundred day simple moving average of $95.43.

SouthState Bank (NYSE:SSB - Get Free Report) last posted its earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $667.88 million. During the same quarter in the previous year, the firm posted $1.93 EPS. Research analysts forecast that SouthState Bank Corporation will post 9.54 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SSB. Raymond James Financial raised their price target on shares of SouthState Bank from $110.00 to $115.00 and gave the company a "strong-buy" rating in a research report on Wednesday, January 7th. Stephens raised their price target on shares of SouthState Bank from $110.00 to $120.00 and gave the company an "overweight" rating in a research report on Monday, January 26th. Citigroup raised their price target on shares of SouthState Bank from $116.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, January 26th. Barclays raised their price target on shares of SouthState Bank from $122.00 to $126.00 and gave the company an "overweight" rating in a research report on Monday, January 26th. Finally, DA Davidson raised their price target on shares of SouthState Bank from $119.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, February 5th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently 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.

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