Ruffer LLP Takes Position in SouthState Bank Corporation $SSB

Ruffer LLP acquired a new stake in shares of SouthState Bank Corporation (NYSE:SSB) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 32,661 shares of the company’s stock, valued at approximately $3,078,000.

A number of other hedge funds have also recently modified their holdings of the business. Blue Trust Inc. grew its position in shares of SouthState Bank by 11.2% during the 3rd quarter. Blue Trust Inc. now owns 1,102 shares of the company’s stock valued at $109,000 after acquiring an additional 111 shares during the period. Sheets Smith Wealth Management grew its position in shares of SouthState Bank by 1.7% during the 3rd quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company’s stock valued at $638,000 after acquiring an additional 111 shares during the period. B. Riley Wealth Advisors Inc. grew its position in shares of SouthState Bank by 4.9% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock valued at $245,000 after acquiring an additional 115 shares during the period. Independent Advisor Alliance grew its position in shares of SouthState Bank by 0.5% during the 3rd quarter. Independent Advisor Alliance now owns 28,291 shares of the company’s stock valued at $2,797,000 after acquiring an additional 150 shares during the period. Finally, Keybank National Association OH grew its position in shares of SouthState Bank by 2.7% during the 3rd quarter. Keybank National Association OH now owns 5,690 shares of the company’s stock valued at $563,000 after acquiring an additional 150 shares during the period. Institutional investors own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut their price objective on shares of SouthState Bank from $120.00 to $110.00 and set an “overweight” rating for the company in a research report on Wednesday, April 1st. Stephens boosted their price objective on shares of SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Jefferies Financial Group boosted their price objective on shares of SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Citigroup upped their target price on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Finally, Hovde Group raised shares of SouthState Bank from a “market perform” rating to an “outperform” rating and set a $110.00 target price for the company in a report on Thursday, March 19th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $118.71.

SouthState Bank Trading Down 1.6%

Shares of SouthState Bank stock opened at $98.54 on Wednesday. The company has a market capitalization of $9.66 billion, a P/E ratio of 12.54 and a beta of 0.75. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.93. The company has a fifty day moving average of $96.53 and a 200 day moving average of $95.43. SouthState Bank Corporation has a fifty-two week low of $83.92 and a fifty-two week high of $108.46.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.17. The company had revenue of $686.87 million during the quarter, compared to the consensus estimate of $667.88 million. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. During the same quarter in the prior year, the firm posted $1.93 EPS. On average, sell-side analysts anticipate that SouthState Bank Corporation will post 9.54 earnings per share for the current fiscal year.

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.