Deprince Race & Zollo Inc. Acquires 6,301 Shares of SouthState Bank Corporation $SSB

Deprince Race & Zollo Inc. grew its holdings in SouthState Bank Corporation (NYSE:SSB) by 4.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 147,680 shares of the company’s stock after acquiring an additional 6,301 shares during the period. Deprince Race & Zollo Inc. owned 0.15% of SouthState Bank worth $14,601,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Alliancebernstein L.P. raised its holdings in SouthState Bank by 44.5% during the first quarter. Alliancebernstein L.P. now owns 300,047 shares of the company’s stock valued at $27,850,000 after buying an additional 92,342 shares in the last quarter. Catalyst Funds Management Pty Ltd bought a new stake in shares of SouthState Bank during the 2nd quarter worth about $2,430,000. Assenagon Asset Management S.A. bought a new stake in shares of SouthState Bank during the 3rd quarter worth about $1,698,000. Blair William & Co. IL acquired a new position in shares of SouthState Bank during the 2nd quarter valued at about $252,000. Finally, Norges Bank acquired a new position in shares of SouthState Bank during the 2nd quarter valued at about $109,029,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

SSB has been the subject of a number of recent analyst reports. Stephens decreased their target price on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. TD Cowen reduced their price objective 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. JPMorgan Chase & Co. started coverage on shares of SouthState Bank in a report on Friday, December 12th. They set an “overweight” rating and a $115.00 price objective for the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of SouthState Bank in a report on Monday, December 22nd. Finally, National Bankshares set a $127.00 target price on shares of SouthState Bank in a research report on Wednesday, September 24th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $115.07.

SouthState Bank Price Performance

Shares of SouthState Bank stock opened at $95.75 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04. The company has a market cap of $9.62 billion, a P/E ratio of 13.17 and a beta of 0.76. The firm has a fifty day moving average of $91.29. SouthState Bank Corporation has a fifty-two week low of $77.74 and a fifty-two week high of $109.64.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $660.41 million. During the same quarter in the previous year, the firm posted $1.90 EPS.

SouthState Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, November 7th. This represents a $2.40 annualized dividend and a yield of 2.5%. SouthState Bank’s dividend payout ratio is 33.01%.

SouthState Bank Company 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.