Ceredex Value Advisors LLC Has $15.11 Million Holdings in SouthState Bank Corporation $SSB

Ceredex Value Advisors LLC increased its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 11.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 164,215 shares of the company’s stock after purchasing an additional 17,050 shares during the quarter. Ceredex Value Advisors LLC owned approximately 0.16% of SouthState Bank worth $15,113,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in SouthState Bank by 31.2% during the 1st quarter. Vanguard Group Inc. now owns 11,079,578 shares of the company’s stock worth $1,028,406,000 after buying an additional 2,637,786 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in SouthState Bank by 34.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the company’s stock worth $422,915,000 after acquiring an additional 1,164,348 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in SouthState Bank by 0.3% during the first quarter. T. Rowe Price Investment Management Inc. now owns 3,479,298 shares of the company’s stock valued at $322,949,000 after purchasing an additional 11,728 shares during the last quarter. American Century Companies Inc. grew its stake in SouthState Bank by 10.1% in the second quarter. American Century Companies Inc. now owns 1,948,379 shares of the company’s stock valued at $179,310,000 after purchasing an additional 178,842 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in SouthState Bank by 38.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,437,262 shares of the company’s stock valued at $133,407,000 after purchasing an additional 397,371 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SSB shares. Stephens dropped their price objective on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Piper Sandler lowered their target price on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a report on Monday, October 27th. TD Cowen cut their price target on shares of SouthState Bank from $127.00 to $120.00 and set a “buy” rating for the company in a research note on Monday, October 27th. UBS Group decreased their price objective on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Finally, Barclays dropped their target price on shares of SouthState Bank from $128.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, November 11th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, SouthState Bank currently has a consensus rating of “Moderate Buy” and an average price target of $115.31.

SouthState Bank Price Performance

SSB stock opened at $89.51 on Friday. The company has a market capitalization of $9.00 billion, a PE ratio of 12.31 and a beta of 0.77. The stock’s fifty day moving average is $92.75. SouthState Bank Corporation has a one year low of $77.74 and a one year high of $112.61. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.93.

SouthState Bank (NYSE:SSB) last posted its earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.38. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. The company had revenue of $698.78 million during the quarter, compared to analysts’ expectations of $660.41 million. During the same quarter last year, the company posted $1.90 EPS.

SouthState Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 7th were given a $0.60 dividend. The ex-dividend date of this dividend was Friday, November 7th. This represents a $2.40 annualized dividend and a dividend yield of 2.7%. SouthState Bank’s dividend payout ratio is presently 33.01%.

About SouthState Bank

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.