Teachers Retirement System of The State of Kentucky Has $2.96 Million Stock Holdings in SouthState Bank Corporation $SSB

Key Points

• Teachers Retirement System of Kentucky lowered its stake by 41.5%, selling 21,257 shares to hold 29,971 shares in SouthState Bank worth about $2.96 million as of the latest 13F filing.
• Institutional ownership is 89.76%, led by Vanguard's ~10.78 million-share position (~$1.07 billion), with several asset managers (American Century, Laurel Wealth, Westwood, BNY Mellon) materially increasing their stakes.
• SouthState posted an earnings beat (Q EPS $2.47 vs. $2.30 est.), pays a $0.60 quarterly dividend ($2.40 annual, ~2.4% yield), and carries a consensus "Buy" rating with an average target of $118.71 from analysts.

Teachers Retirement System of The State of Kentucky lowered its stake in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 41.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,971 shares of the company's stock after selling 21,257 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in SouthState Bank were worth $2,963,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in SouthState Bank by 1.2% in the third quarter. Vanguard Group Inc. now owns 10,775,431 shares of the company's stock valued at $1,065,367,000 after acquiring an additional 130,358 shares during the period. American Century Companies Inc. grew its position in SouthState Bank by 10.1% in the 2nd quarter. American Century Companies Inc. now owns 1,948,379 shares of the company's stock valued at $179,310,000 after purchasing an additional 178,842 shares during the period. Laurel Wealth Advisors LLC increased its stake in SouthState Bank by 9,074.2% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company's stock valued at $132,125,000 after purchasing an additional 1,420,019 shares in the last quarter. Westwood Holdings Group Inc. raised its holdings in SouthState Bank by 22.9% during the second quarter. Westwood Holdings Group Inc. now owns 1,217,703 shares of the company's stock worth $112,065,000 after buying an additional 227,168 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in SouthState Bank by 26.3% during the second quarter. Bank of New York Mellon Corp now owns 1,217,267 shares of the company's stock worth $112,025,000 after buying an additional 253,178 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Stock Performance

Shares of SouthState Bank stock opened at $99.05 on Thursday. The business's fifty day simple moving average is $100.34 and its 200 day simple moving average is $97.01. 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 $77.74 and a 12 month high of $108.46. The firm has a market capitalization of $9.71 billion, a P/E ratio of 12.60 and a beta of 0.73.

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

SouthState Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were given a $0.60 dividend. The ex-dividend date of this dividend was Friday, February 6th. This represents a $2.40 annualized dividend and a yield of 2.4%. SouthState Bank's payout ratio is currently 30.53%.

Analyst Upgrades and Downgrades

SSB has been the subject of several recent research reports. 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. Citigroup lifted their price target on SouthState Bank from $116.00 to $120.00 and gave the company a "buy" rating in a research note on Monday, January 26th. Stephens increased their price objective on SouthState Bank from $110.00 to $120.00 and gave the stock an "overweight" rating in a research note on Monday, January 26th. Barclays raised their target price on SouthState Bank from $122.00 to $126.00 and gave the company an "overweight" rating in a report on Monday, January 26th. Finally, DA Davidson increased their price target on 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, eleven have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $118.71.

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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