Gamco Investors INC. ET AL Boosts Stock Position in SouthState Bank Corporation $SSB

Gamco Investors INC. ET AL boosted its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 44.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,603 shares of the company’s stock after purchasing an additional 15,045 shares during the period. Gamco Investors INC. ET AL’s holdings in SouthState Bank were worth $4,473,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. LPL Financial LLC increased its stake in shares of SouthState Bank by 45.1% during the first quarter. LPL Financial LLC now owns 25,664 shares of the company’s stock valued at $2,382,000 after buying an additional 7,975 shares during the period. Vanguard Group Inc. boosted its holdings in SouthState Bank by 31.2% in the first quarter. Vanguard Group Inc. now owns 11,079,578 shares of the company’s stock valued at $1,028,406,000 after acquiring an additional 2,637,786 shares in the last quarter. Chicago Partners Investment Group LLC increased its position in SouthState Bank by 7.9% during the 1st quarter. Chicago Partners Investment Group LLC now owns 2,885 shares of the company’s stock valued at $252,000 after purchasing an additional 211 shares during the period. Deutsche Bank AG raised its holdings in SouthState Bank by 53.6% in the 1st quarter. Deutsche Bank AG now owns 129,255 shares of the company’s stock worth $11,997,000 after purchasing an additional 45,122 shares in the last quarter. Finally, Swiss National Bank raised its holdings in SouthState Bank by 30.7% in the 1st quarter. Swiss National Bank now owns 195,930 shares of the company’s stock worth $18,186,000 after purchasing an additional 45,993 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SSB. UBS Group cut their target price on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Stephens cut their price objective on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Citigroup reduced their target price on SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Zacks Research cut SouthState Bank from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. Finally, Barclays dropped their price target on SouthState Bank from $128.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.31.

SouthState Bank Price Performance

SSB opened at $92.33 on Wednesday. The stock has a market cap of $9.28 billion, a price-to-earnings ratio of 12.70 and a beta of 0.76. The stock has a 50-day moving average of $91.52. SouthState Bank Corporation has a 1 year low of $77.74 and a 1 year high of $111.10. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 EPS for the quarter, beating the consensus estimate of $2.20 by $0.38. The company had revenue of $698.78 million for the quarter, compared to the consensus estimate of $660.41 million. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. During the same period in the prior year, the firm posted $1.90 EPS.

SouthState Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Friday, November 7th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, November 7th. This represents a $2.40 annualized dividend and a dividend yield of 2.6%. SouthState Bank’s dividend payout ratio (DPR) is 33.01%.

SouthState Bank Company Profile

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.