Tributary Capital Management LLC Boosts Stock Position in SouthState Bank Corporation $SSB

Tributary Capital Management LLC raised its holdings in SouthState Bank Corporation (NYSE:SSB) by 63.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,726 shares of the company’s stock after purchasing an additional 9,250 shares during the quarter. Tributary Capital Management LLC’s holdings in SouthState Bank were worth $2,346,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. American Century Companies Inc. boosted its holdings in shares of SouthState Bank by 10.1% in the 2nd quarter. American Century Companies Inc. now owns 1,948,379 shares of the company’s stock worth $179,310,000 after buying an additional 178,842 shares during the last quarter. Laurel Wealth Advisors LLC raised its position in SouthState Bank by 9,074.2% in the second quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company’s stock worth $132,125,000 after acquiring an additional 1,420,019 shares during the period. Westwood Holdings Group Inc. boosted its stake in SouthState Bank by 22.9% in the second quarter. Westwood Holdings Group Inc. now owns 1,217,703 shares of the company’s stock valued at $112,065,000 after acquiring an additional 227,168 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in SouthState Bank by 26.3% in the second quarter. Bank of New York Mellon Corp now owns 1,217,267 shares of the company’s stock valued at $112,025,000 after acquiring an additional 253,178 shares during the last quarter. Finally, Norges Bank bought a new position in shares of SouthState Bank during the 2nd quarter valued at approximately $109,029,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Stock Down 0.6%

SSB stock opened at $96.57 on Thursday. The firm’s 50-day moving average is $91.88. SouthState Bank Corporation has a twelve month low of $77.74 and a twelve month high of $109.64. The stock has a market cap of $9.71 billion, a price-to-earnings ratio of 13.28 and a beta of 0.74. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB) last released its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.20 by $0.38. The company had revenue of $698.78 million during the quarter, compared to analyst estimates 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 business earned $1.90 earnings per share.

SouthState Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Stockholders 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 dividend yield of 2.5%. SouthState Bank’s dividend payout ratio is presently 33.01%.

Analyst Upgrades and Downgrades

SSB has been the topic of several research analyst reports. Citigroup dropped their price objective on SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Stephens lowered their target price on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Weiss Ratings reiterated a “hold (c+)” rating on shares of SouthState Bank in a research note on Monday, December 29th. UBS Group decreased their price objective on SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Finally, Raymond James Financial boosted their price objective on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research note on Wednesday. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $115.07.

About SouthState Bank

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.