Tributary Capital Management LLC Grows Position in SouthState Bank Corporation $SSB

Tributary Capital Management LLC grew its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 63.9% in the third quarter, HoldingsChannel.com reports. The fund owned 23,726 shares of the company’s stock after purchasing an additional 9,250 shares during the period. Tributary Capital Management LLC’s holdings in SouthState Bank were worth $2,346,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Alliancebernstein L.P. lifted its stake in SouthState Bank by 44.5% in the first quarter. Alliancebernstein L.P. now owns 300,047 shares of the company’s stock worth $27,850,000 after purchasing an additional 92,342 shares during the last quarter. Fort Washington Investment Advisors Inc. OH grew its stake in shares of SouthState Bank by 52.6% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock valued at $24,723,000 after buying an additional 86,234 shares during the last quarter. CWM LLC increased its holdings in shares of SouthState Bank by 689.1% in the third quarter. CWM LLC now owns 91,288 shares of the company’s stock worth $9,026,000 after buying an additional 79,719 shares during the period. HBK Sorce Advisory LLC lifted its stake in shares of SouthState Bank by 100.1% in the 3rd quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company’s stock valued at $3,192,000 after acquiring an additional 16,482 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of SouthState Bank by 101.0% in the 3rd quarter. Signaturefd LLC now owns 25,068 shares of the company’s stock valued at $2,478,000 after acquiring an additional 12,597 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SSB. TD Cowen reduced their price target on SouthState Bank from $120.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday. DA Davidson cut their target price on shares of SouthState Bank from $117.00 to $112.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Cowen assumed coverage on shares of SouthState Bank in a research note on Wednesday, September 24th. They issued a “buy” rating on the stock. National Bankshares set a $127.00 price target on shares of SouthState Bank in a research report on Wednesday, September 24th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of SouthState Bank in a report on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $115.07.

SouthState Bank Trading Down 0.6%

Shares of SouthState Bank stock opened at $96.57 on Thursday. 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 Corporation has a 12-month low of $77.74 and a 12-month high of $109.64. The stock has a market cap of $9.71 billion, a P/E ratio of 13.28 and a beta of 0.74. The firm’s fifty day moving average is $91.88.

SouthState Bank (NYSE:SSB) last posted its earnings results on Wednesday, October 22nd. The company reported $2.58 EPS for the quarter, topping the consensus estimate of $2.20 by $0.38. The firm had revenue of $698.78 million during the quarter, compared to analysts’ expectations 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 last year, the company posted $1.90 EPS.

SouthState Bank Dividend Announcement

The business also recently disclosed 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 was Friday, November 7th. This represents a $2.40 annualized dividend and a yield of 2.5%. SouthState Bank’s dividend payout ratio (DPR) is 33.01%.

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.