Fox Run Management L.L.C. Reduces Holdings in SouthState Bank Corporation $SSB

Fox Run Management L.L.C. cut its position in SouthState Bank Corporation (NYSE:SSB) by 13.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 5,626 shares of the company’s stock after selling 880 shares during the quarter. Fox Run Management L.L.C.’s holdings in SouthState Bank were worth $518,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in SouthState Bank by 31.2% in the 1st quarter. Vanguard Group Inc. now owns 11,079,578 shares of the company’s stock valued at $1,028,406,000 after buying an additional 2,637,786 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of SouthState Bank by 34.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the company’s stock worth $422,915,000 after acquiring an additional 1,164,348 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in SouthState Bank by 0.3% in the first quarter. T. Rowe Price Investment Management Inc. now owns 3,479,298 shares of the company’s stock valued at $322,949,000 after purchasing an additional 11,728 shares during the last quarter. American Century Companies Inc. grew its stake in SouthState Bank by 14.4% during the 1st quarter. American Century Companies Inc. now owns 1,769,537 shares of the company’s stock valued at $164,249,000 after purchasing an additional 222,818 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in SouthState Bank by 38.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,437,262 shares of the company’s stock valued at $133,407,000 after purchasing an additional 397,371 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Zacks Research lowered SouthState Bank from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 15th. UBS Group cut their price target on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Barclays reduced their price objective on shares of SouthState Bank from $128.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday. Weiss Ratings reissued a “buy (b-)” rating on shares of SouthState Bank in a research report on Wednesday, October 8th. Finally, Citigroup cut their target price on shares of SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $115.31.

SouthState Bank Price Performance

SouthState Bank stock opened at $88.70 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. SouthState Bank Corporation has a 12 month low of $77.74 and a 12 month high of $114.26. The stock has a fifty day simple moving average of $96.29. The firm has a market capitalization of $8.92 billion, a P/E ratio of 12.20 and a beta of 0.77.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.38. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. The company had revenue of $698.78 million for the quarter, compared to the consensus estimate of $660.41 million. During the same period last year, the firm posted $1.90 EPS.

SouthState Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, November 7th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, November 7th. SouthState Bank’s payout ratio is presently 33.01%.

Insider Activity at SouthState Bank

In other news, insider Daniel E. Bockhorst sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total transaction of $498,000.00. Following the completion of the transaction, the insider directly owned 31,785 shares of the company’s stock, valued at approximately $3,165,786. This represents a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.70% of the company’s stock.

SouthState Bank Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.