Tributary Capital Management LLC Sells 71,256 Shares of SouthState Co. (NASDAQ:SSB)

Tributary Capital Management LLC lessened its holdings in shares of SouthState Co. (NASDAQ:SSB) by 26.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 202,534 shares of the bank’s stock after selling 71,256 shares during the quarter. Tributary Capital Management LLC’s holdings in SouthState were worth $20,148,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Waldron Private Wealth LLC purchased a new position in shares of SouthState during the 3rd quarter valued at about $35,000. UMB Bank n.a. grew its position in SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after acquiring an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of SouthState during the second quarter worth approximately $97,000. International Assets Investment Management LLC lifted its holdings in shares of SouthState by 9,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after acquiring an additional 1,443 shares during the last quarter. Finally, William B. Walkup & Associates Inc. purchased a new stake in shares of SouthState in the 2nd quarter valued at $151,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Stephens reaffirmed an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research note on Friday. Piper Sandler increased their price objective on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Truist Financial dropped their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, SouthState currently has an average rating of “Moderate Buy” and an average price target of $112.56.

SouthState Stock Performance

Shares of SSB stock opened at $103.29 on Friday. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.26. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The company’s fifty day moving average price is $103.32 and its 200-day moving average price is $98.21. The stock has a market cap of $7.88 billion, a PE ratio of 14.33 and a beta of 0.70.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.26. The firm had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The business’s revenue was down .4% on a year-over-year basis. During the same period last year, the business earned $1.62 earnings per share. On average, equities analysts expect that SouthState Co. will post 6.99 EPS for the current fiscal year.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, February 7th will be paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Friday, February 7th. SouthState’s payout ratio is 33.33%.

About SouthState

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 offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.