Vanguard Group Inc. Grows Stake in SouthState Bank Corporation $SSB

Key Points

• Vanguard Group grew its stake in SouthState Bank by 1.5% in Q4 to 10,937,359 shares, representing about 10.88% of the company and valued at roughly $1.029 billion.
• SouthState reported quarterly EPS of $2.28, beating estimates by $0.07 while revenue of $661.7M missed expectations slightly, and analysts maintain an overall Buy consensus with an average target of $118.36.
• The bank declared a quarterly dividend of $0.60 (annualized $2.40, ~2.5% yield), payable May 15 to shareholders of record on May 8 (ex-dividend date May 8).

Vanguard Group Inc. grew its holdings in SouthState Bank Corporation (NYSE:SSB - Free Report) by 1.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 10,937,359 shares of the company's stock after acquiring an additional 161,928 shares during the quarter. Vanguard Group Inc. owned about 10.88% of SouthState Bank worth $1,029,315,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Blue Trust Inc. increased its holdings 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 valued at $109,000 after acquiring an additional 111 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in shares of SouthState Bank by 4.9% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company's stock valued at $245,000 after acquiring an additional 115 shares during the last quarter. Independent Advisor Alliance increased its holdings in shares of SouthState Bank by 0.5% in the 3rd quarter. Independent Advisor Alliance now owns 28,291 shares of the company's stock valued at $2,797,000 after acquiring an additional 150 shares during the last quarter. Keybank National Association OH increased its holdings in shares of SouthState Bank by 2.7% in the 3rd quarter. Keybank National Association OH now owns 5,690 shares of the company's stock valued at $563,000 after acquiring an additional 150 shares during the last quarter. Finally, First Horizon Corp increased its holdings in shares of SouthState Bank by 27.8% in the 4th quarter. First Horizon Corp now owns 813 shares of the company's stock valued at $77,000 after acquiring an additional 177 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

Insider Buying and Selling at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the transaction, the director directly owned 12,700 shares in the company, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.70% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on SSB. Weiss Ratings upgraded SouthState Bank from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, January 26th. Truist Financial dropped their price objective on SouthState Bank from $110.00 to $108.00 and set a "buy" rating on the stock in a report on Monday, April 27th. Raymond James Financial raised 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 raised their price target on SouthState Bank from $110.00 to $120.00 and gave the stock an "overweight" rating in a research note on Monday, January 26th. Finally, JPMorgan Chase & Co. dropped their price target on SouthState Bank from $120.00 to $110.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $118.36.

SouthState Bank Trading Down 0.1%

NYSE:SSB opened at $97.56 on Friday. The stock's 50 day moving average price is $95.62 and its 200 day moving average price is $95.40. The company has a market capitalization of $9.57 billion, a PE ratio of 10.52 and a beta of 0.72. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.08. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46.

SouthState Bank (NYSE:SSB - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.21 by $0.07. The firm had revenue of $661.70 million for the quarter, compared to the consensus estimate of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same quarter last year, the business posted $0.87 EPS. On average, research analysts anticipate that SouthState Bank Corporation will post 9.48 EPS for the current year.

SouthState Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Friday, May 8th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, May 8th. SouthState Bank's dividend payout ratio (DPR) is 25.89%.

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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