Deprince Race & Zollo Inc. Has $67.41 Million Stake in SouthState Bank Corporation $SSB

Deprince Race & Zollo Inc. raised its position in shares of SouthState Bank Corporation (NYSE:SSB) by 346.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 728,548 shares of the company’s stock after acquiring an additional 565,196 shares during the quarter. SouthState Bank comprises 1.3% of Deprince Race & Zollo Inc.’s investment portfolio, making the stock its 13th biggest holding. Deprince Race & Zollo Inc. owned about 0.74% of SouthState Bank worth $67,405,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Nicholas Hoffman & Company LLC. raised its stake in shares of SouthState Bank by 0.7% in the fourth quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock valued at $1,555,000 after buying an additional 111 shares during the period. MML Investors Services LLC grew its stake in shares of SouthState Bank by 5.9% during the 4th quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock worth $222,000 after acquiring an additional 131 shares during the period. FourThought Financial Partners LLC increased its holdings in SouthState Bank by 5.8% in the 4th quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock worth $239,000 after acquiring an additional 139 shares during the last quarter. Inspire Investing LLC raised its stake in SouthState Bank by 5.0% in the 1st quarter. Inspire Investing LLC now owns 3,641 shares of the company’s stock valued at $337,000 after acquiring an additional 172 shares during the period. Finally, First Horizon Corp lifted its holdings in SouthState Bank by 27.8% during the fourth quarter. First Horizon Corp now owns 813 shares of the company’s stock valued at $77,000 after purchasing an additional 177 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director David R. Brooks sold 14,300 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director owned 12,700 shares in the company, valued at $1,249,553. The trade was a 52.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SSB. Hovde Group lifted their target price on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Truist Financial lowered their target price on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Fundamental Research set a $120.00 price target on SouthState Bank in a research report on Wednesday. Barclays cut their price objective on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating for the company in a report on Monday, April 27th. Finally, DA Davidson restated a “buy” rating and issued a $125.00 price objective on shares of SouthState Bank in a research report on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, SouthState Bank currently has an average rating of “Buy” and an average target price of $118.71.

SouthState Bank Stock Up 1.5%

Shares of NYSE:SSB opened at $101.41 on Thursday. The firm has a market capitalization of $9.90 billion, a PE ratio of 10.94 and a beta of 0.70. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46. The firm has a fifty day moving average of $96.23 and a 200 day moving average of $97.14.

SouthState Bank (NYSE:SSB) last released its quarterly 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 business had revenue of $661.70 million for the quarter, compared to the consensus estimate of $669.28 million. During the same quarter last year, the business posted $0.87 earnings per share. As a group, research analysts anticipate that SouthState Bank Corporation will post 9.5 EPS for the current fiscal year.

SouthState Bank Announces Dividend

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