SouthState Bank Corporation $SSB Shares Acquired by Fort Washington Investment Advisors Inc. OH

Key Points

• Fort Washington Investment Advisors raised its stake in SouthState Bank by 52.6% during Q3, ending the quarter with 250,083 shares worth about $24.7 million (≈0.25% of the company).
• SouthState Bank beat Q3 estimates, reporting $2.58 EPS vs. $2.20 expected and revenue of $698.8 million versus $660.4 million, with a net margin of 20.25% and ROE of 10.7%.
• The bank paid a quarterly dividend of $0.60 (annualized $2.40, yield ~2.5%, payout ratio ~33%), and analysts rate the stock an average of "Moderate Buy" with a $115.07 average price target.

Fort Washington Investment Advisors Inc. OH raised its stake in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 52.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 250,083 shares of the company's stock after buying an additional 86,234 shares during the period. Fort Washington Investment Advisors Inc. OH owned approximately 0.25% of SouthState Bank worth $24,723,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Perigon Wealth Management LLC bought a new position in shares of SouthState Bank in the third quarter valued at approximately $306,000. Deprince Race & Zollo Inc. boosted its stake in SouthState Bank by 4.5% during the 3rd quarter. Deprince Race & Zollo Inc. now owns 147,680 shares of the company's stock valued at $14,601,000 after purchasing an additional 6,301 shares in the last quarter. HBK Sorce Advisory LLC increased its position in shares of SouthState Bank by 100.1% during the 3rd quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company's stock valued at $3,192,000 after purchasing an additional 16,482 shares during the period. Blue Trust Inc. raised its stake in shares of SouthState Bank by 11.2% in the 3rd quarter. Blue Trust Inc. now owns 1,102 shares of the company's stock worth $109,000 after buying an additional 111 shares in the last quarter. Finally, Sheets Smith Wealth Management lifted its holdings in shares of SouthState Bank by 1.7% in the third quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company's stock valued at $638,000 after buying an additional 111 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Bank Stock Performance

Shares of NYSE:SSB opened at $95.10 on Wednesday. The company has a 50 day moving average price of $91.31. SouthState Bank Corporation has a 52 week low of $77.74 and a 52 week high of $109.64. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04. The stock has a market cap of $9.56 billion, a P/E ratio of 13.08 and a beta of 0.76.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.38. The company had revenue of $698.78 million for the quarter, compared to the consensus estimate of $660.41 million. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. During the same period in the previous year, the business earned $1.90 EPS.

SouthState Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Friday, November 7th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, November 7th. SouthState Bank's dividend payout ratio is currently 33.01%.

Analyst Upgrades and Downgrades

SSB has been the topic of a number of research analyst reports. DA Davidson lowered their target price on SouthState Bank from $117.00 to $112.00 and set a "buy" rating on the stock in a report on Friday, October 24th. Barclays lowered their price objective on shares of SouthState Bank from $125.00 to $122.00 and set an "overweight" rating on the stock in a research note on Friday, December 19th. Stephens cut their target price on shares of SouthState Bank from $115.00 to $110.00 and set an "overweight" rating for the company in a research note on Monday, October 27th. Piper Sandler decreased their price target on shares of SouthState Bank from $121.00 to $118.00 and set an "overweight" rating on the stock in a research report on Monday, October 27th. Finally, National Bankshares set a $127.00 price target on SouthState Bank in a report on Wednesday, September 24th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $115.07.

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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