Tudor Investment Corp ET AL Decreases Position in SouthState Bank Corporation $SSB

Key Points

• Tudor Investment Corp ET AL cut its stake in SouthState Bank (SSB) by 96.7% in Q3, selling 68,509 shares and leaving 2,324 shares worth $230,000, while other institutions (notably Norges Bank and HSBC) materially increased or initiated positions, leaving institutional ownership at about 89.8%.
• SouthState beat quarterly estimates (EPS $2.47 vs. $2.30) and revenue expectations, pays a $0.60 quarterly dividend (annualized $2.40, ~2.6% yield), and currently has analyst coverage averaging a Buy rating with a $118.71 price target.

Tudor Investment Corp ET AL cut its holdings in SouthState Bank Corporation (NYSE:SSB - Free Report) by 96.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,324 shares of the company's stock after selling 68,509 shares during the period. Tudor Investment Corp ET AL's holdings in SouthState Bank were worth $230,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Jane Street Group LLC lifted its stake in shares of SouthState Bank by 4.6% in the 1st quarter. Jane Street Group LLC now owns 82,984 shares of the company's stock valued at $7,703,000 after acquiring an additional 3,678 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new position in shares of SouthState Bank in the second quarter worth $34,000. Hsbc Holdings PLC raised its stake in shares of SouthState Bank by 1,374.7% during the second quarter. Hsbc Holdings PLC now owns 116,162 shares of the company's stock valued at $10,682,000 after acquiring an additional 108,285 shares during the last quarter. Norges Bank bought a new stake in SouthState Bank in the second quarter valued at $109,029,000. Finally, M&T Bank Corp bought a new position in SouthState Bank in the 2nd quarter worth $245,000. 89.76% of the stock is owned by institutional investors.

SouthState Bank Stock Up 0.3%

SSB stock opened at $93.90 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.03. The business has a 50 day moving average of $98.16 and a 200 day moving average of $95.75. SouthState Bank Corporation has a twelve month low of $77.74 and a twelve month high of $108.46. The firm has a market cap of $9.21 billion, a PE ratio of 11.95 and a beta of 0.75.

SouthState Bank (NYSE:SSB - Get Free Report) last posted its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) 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 firm had revenue of $686.87 million during the quarter, compared to analyst estimates of $667.88 million. During the same quarter in the previous year, the firm earned $1.93 EPS.

SouthState Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, February 6th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, February 6th. SouthState Bank's payout ratio is presently 30.53%.

Analyst Ratings Changes

SSB has been the subject of several research analyst reports. Citigroup raised their price objective on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, January 26th. Weiss Ratings upgraded SouthState Bank from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, January 26th. Raymond James Financial upped their price target on SouthState Bank from $110.00 to $115.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, January 7th. Stephens increased their price objective on SouthState Bank from $110.00 to $120.00 and gave the stock an "overweight" rating in a report on Monday, January 26th. Finally, JPMorgan Chase & Co. dropped their target price on shares of SouthState Bank from $120.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target 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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