Ceredex Value Advisors LLC Takes Position in SouthState Bank Corporation $SSB

Ceredex Value Advisors LLC acquired a new position in SouthState Bank Corporation (NYSE:SSB) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 130,700 shares of the company’s stock, valued at approximately $13,057,000. Ceredex Value Advisors LLC owned about 0.13% of SouthState Bank at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. FJ Capital Management LLC boosted its holdings in SouthState Bank by 54.0% during the fourth quarter. FJ Capital Management LLC now owns 813,033 shares of the company’s stock valued at $76,515,000 after acquiring an additional 285,091 shares during the period. Y Intercept Hong Kong Ltd bought a new position in shares of SouthState Bank in the first quarter worth about $4,898,000. NFJ Investment Group LLC bought a new position in shares of SouthState Bank in the fourth quarter worth about $30,930,000. Geode Capital Management LLC lifted its position in shares of SouthState Bank by 4.8% during the 4th quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock worth $175,653,000 after purchasing an additional 85,981 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of SouthState Bank by 350.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company’s stock worth $2,100,000 after purchasing an additional 17,365 shares during the last quarter. 89.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SSB has been the topic of several recent analyst reports. Barclays dropped their price target on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 7th. Truist Financial raised their price objective on shares of SouthState Bank from $108.00 to $118.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. DA Davidson reaffirmed a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a research report on Wednesday, June 10th. TD Cowen upped their target price on shares of SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings raised shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, SouthState Bank currently has a consensus rating of “Buy” and an average price target of $119.64.

SouthState Bank Price Performance

Shares of SSB stock opened at $105.95 on Friday. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $112.20. The company has a market capitalization of $10.27 billion, a P/E ratio of 11.14 and a beta of 0.71. The stock has a 50 day moving average of $103.19 and a two-hundred day moving average of $99.00. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06.

SouthState Bank (NYSE:SSB) last released its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $672.67 million for the quarter, compared to analysts’ expectations of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same period in the previous year, the business posted $2.30 earnings per share. As a group, equities analysts expect that SouthState Bank Corporation will post 9.51 EPS for the current year.

SouthState Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were paid a dividend of $0.66 per share. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, August 7th. SouthState Bank’s dividend payout ratio is presently 27.76%.

Insider Buying and Selling at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the sale, the director owned 7,900 shares of the company’s stock, valued at $869,000. The trade was a 75.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the transaction, the chief financial officer owned 40,568 shares of the company’s stock, valued at approximately $4,419,072.24. This represents a 8.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 34,831 shares of company stock worth $3,814,274 in the last three months. 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.