SouthState Bank Corporation $SSB Shares Bought by Kennedy Capital Management LLC

Kennedy Capital Management LLC boosted its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 8.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 205,551 shares of the company’s stock after acquiring an additional 15,152 shares during the quarter. Kennedy Capital Management LLC’s holdings in SouthState Bank were worth $19,344,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. UMB Bank n.a. acquired a new stake in SouthState Bank during the 4th quarter worth approximately $155,000. Stifel Financial Corp lifted its position in SouthState Bank by 6.9% during the 4th quarter. Stifel Financial Corp now owns 78,452 shares of the company’s stock worth $7,383,000 after acquiring an additional 5,088 shares during the period. Bank of Nova Scotia acquired a new stake in SouthState Bank during the 4th quarter worth approximately $4,939,000. Martin & Co. Inc. TN lifted its position in SouthState Bank by 2.8% during the 4th quarter. Martin & Co. Inc. TN now owns 39,113 shares of the company’s stock worth $3,681,000 after acquiring an additional 1,068 shares during the period. Finally, Schroder Investment Management Group acquired a new stake in SouthState Bank during the 4th quarter worth approximately $43,631,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction on Tuesday, April 28th. The stock was 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 trade represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

SSB has been the subject of several recent research reports. Hovde Group raised their price target on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Barclays dropped their price target on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating for the company in a research report on Monday, April 27th. TD Cowen dropped their price target on SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Weiss Ratings downgraded SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Finally, Truist Financial dropped their price target on SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $118.62.

SouthState Bank Price Performance

Shares of SouthState Bank stock opened at $98.75 on Friday. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $108.46. The stock has a market capitalization of $9.65 billion, a P/E ratio of 10.65 and a beta of 0.70. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.04. The business’s fifty day moving average price is $95.81 and its 200 day moving average price is $96.41.

SouthState Bank (NYSE:SSB) last issued its earnings results 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 firm had revenue of $661.70 million for the quarter, compared to analysts’ expectations of $669.29 million. During the same quarter last year, the firm earned $0.87 earnings per share. As a group, research analysts anticipate that SouthState Bank Corporation will post 9.5 earnings per share for the current year.

SouthState Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were issued a $0.60 dividend. The ex-dividend date was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.4%. SouthState Bank’s dividend payout ratio (DPR) is presently 25.89%.

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.