Vaughan Nelson Investment Management L.P. Takes $41.07 Million Position in SouthState Bank Corporation $SSB

Key Points

• Vaughan Nelson Investment Management opened a new position in SouthState Bank during Q1, buying 443,933 shares worth about $41.1 million and ending with roughly 0.45% ownership.
• SouthState Bank reported better-than-expected earnings of $2.28 per share for the quarter, topping estimates by $0.07, while revenue came in slightly below forecasts.
• The stock has drawn mostly positive analyst coverage, with an average rating of Buy and an average price target of $118.62; the company also paid a quarterly dividend of $0.60 per share.

Vaughan Nelson Investment Management L.P. acquired a new position in SouthState Bank Corporation (NYSE:SSB - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 443,933 shares of the company's stock, valued at approximately $41,073,000. Vaughan Nelson Investment Management L.P. owned approximately 0.45% of SouthState Bank at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. World Investment Advisors increased its position in SouthState Bank by 4.6% during the 4th quarter. World Investment Advisors now owns 13,107 shares of the company's stock valued at $1,233,000 after buying an additional 576 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in SouthState Bank by 195,900.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,960 shares of the company's stock worth $184,000 after acquiring an additional 1,959 shares in the last quarter. MidFirst Bank acquired a new stake in SouthState Bank in the fourth quarter worth about $398,000. DGS Capital Management LLC purchased a new stake in shares of SouthState Bank during the fourth quarter worth about $493,000. Finally, Wealth Preservation Advisors LLC purchased a new stake in shares of SouthState Bank during the fourth quarter worth about $422,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SSB has been the topic of several recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of SouthState Bank from $110.00 to $115.00 and gave the company an "overweight" rating in a report on Thursday, May 21st. Truist Financial lowered their target price on shares of SouthState Bank from $110.00 to $108.00 and set a "buy" rating for the company in a research note on Monday, April 27th. Wall Street Zen raised shares of SouthState Bank from a "sell" rating to a "hold" rating in a research report on Sunday, May 17th. Barclays cut their price target on shares of SouthState Bank from $126.00 to $123.00 and set an "overweight" rating on the stock in a research note on Monday, April 27th. Finally, TD Cowen decreased their price target on shares of SouthState Bank from $117.00 to $114.00 and set a "buy" rating for the company in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $118.62.

SouthState Bank Stock Down 0.0%

SouthState Bank stock opened at $96.48 on Monday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. The business's 50-day simple moving average is $96.03 and its two-hundred day simple moving average is $96.71. The company has a market cap of $9.42 billion, a PE ratio of 10.41 and a beta of 0.70. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $108.46.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, beating analysts' consensus estimates of $2.21 by $0.07. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The business had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.28 million. During the same period in the prior year, the company earned $0.87 earnings per share. Equities analysts anticipate that SouthState Bank Corporation will post 9.5 EPS for the current year.

SouthState Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.5%. The ex-dividend date was Friday, May 8th. SouthState Bank's dividend payout ratio is 25.89%.

Insiders Place Their Bets

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

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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