Tudor Investment Corp ET AL Reduces Stake in SouthState Bank Corporation $SSB

Key Points

• Tudor Investment Corp ET AL cut its stake in SouthState Bank by 96.7%, selling 68,509 shares and leaving a holding of 2,324 shares worth about $230,000.
• SouthState beat estimates with quarterly EPS of $2.47 and revenue of $686.87M, and trades with a market cap near $9.8B and a P/E of about 12.7.
• The bank pays a quarterly dividend of $0.60 (2.4% yield) and has a Wall Street consensus Buy rating with a target price around $118.71 after several analysts raised targets.

Tudor Investment Corp ET AL lowered its position in SouthState Bank Corporation (NYSE:SSB - Free Report) by 96.7% during the third quarter, according to the company in its most recent disclosure 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of SSB. Jane Street Group LLC boosted its position in SouthState Bank by 4.6% in the first quarter. Jane Street Group LLC now owns 82,984 shares of the company's stock valued at $7,703,000 after buying an additional 3,678 shares during the last quarter. M&T Bank Corp acquired a new position in SouthState Bank in the second quarter valued at approximately $245,000. Arrowstreet Capital Limited Partnership lifted its holdings in SouthState Bank by 1,801.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company's stock valued at $5,825,000 after acquiring an additional 59,962 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in SouthState Bank by 31.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company's stock valued at $176,000 after acquiring an additional 452 shares during the period. Finally, Jump Financial LLC acquired a new position in SouthState Bank in the second quarter valued at approximately $919,000. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Bank Trading Up 2.6%

Shares of SSB stock opened at $99.91 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.93 and a quick ratio of 0.92. The company has a market cap of $9.80 billion, a price-to-earnings ratio of 12.71 and a beta of 0.75. The stock has a 50 day simple moving average of $96.81 and a 200-day simple moving average of $95.46. SouthState Bank Corporation has a 1-year low of $82.60 and a 1-year high of $108.46.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.17. The business had revenue of $686.87 million during the quarter, compared to the consensus estimate 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 in the prior year, the company posted $1.93 EPS.

SouthState Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, February 6th. SouthState Bank's dividend payout ratio is presently 30.53%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Stephens boosted their price target on SouthState Bank from $110.00 to $120.00 and gave the company an "overweight" rating in a report on Monday, January 26th. TD Cowen boosted their price target on SouthState Bank from $115.00 to $120.00 and gave the company a "buy" rating in a report on Monday, January 26th. Raymond James Financial boosted their price target on SouthState Bank from $110.00 to $115.00 and gave the company a "strong-buy" rating in a report on Wednesday, January 7th. Citigroup boosted their price target on SouthState Bank from $116.00 to $120.00 and gave the company a "buy" rating in a report on Monday, January 26th. Finally, DA Davidson boosted their price target on SouthState Bank from $119.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, February 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $118.71.

SouthState Bank Company 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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