American Century Companies Inc. Has $179.31 Million Stake in SouthState Bank Corporation $SSB

American Century Companies Inc. increased its stake in SouthState Bank Corporation by 10.1% in Q2, owning 1.93% of the company worth $179.31 million. Other institutional investors also adjusted their holdings. SouthState Bank reported strong Q3 earnings, with EPS of $2.58, beating estimates. The stock has a market cap of $8.84 billion and a P/E ratio of 12.10. Analysts have a consensus "Moderate Buy" rating with a price target of $115.31.

American Century Companies Inc. lifted its position in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 10.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,948,379 shares of the company's stock after purchasing an additional 178,842 shares during the quarter. American Century Companies Inc. owned 1.93% of SouthState Bank worth $179,310,000 at the end of the most recent reporting period.

Get SouthState Bank alerts:

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Segall Bryant & Hamill LLC lifted its holdings in SouthState Bank by 6.6% during the 2nd quarter. Segall Bryant & Hamill LLC now owns 647,578 shares of the company's stock worth $59,597,000 after purchasing an additional 40,084 shares in the last quarter. Legal & General Group Plc lifted its position in SouthState Bank by 3.5% in the second quarter. Legal & General Group Plc now owns 164,521 shares of the company's stock valued at $15,140,000 after purchasing an additional 5,633 shares during the last quarter. MAI Capital Management raised its stake in shares of SouthState Bank by 1.3% during the second quarter. MAI Capital Management now owns 16,260 shares of the company's stock valued at $1,496,000 after acquiring an additional 216 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of SouthState Bank in the 2nd quarter worth approximately $479,000. Finally, Stieven Capital Advisors L.P. boosted its holdings in SouthState Bank by 39.5% in the second quarter. Stieven Capital Advisors L.P. now owns 226,600 shares of the company's stock valued at $20,854,000 after acquiring an additional 64,200 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Stock Performance

SouthState Bank stock opened at $87.98 on Monday. The stock has a market cap of $8.84 billion, a P/E ratio of 12.10 and a beta of 0.77. SouthState Bank Corporation has a 1 year low of $77.74 and a 1 year high of $114.26. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. The company has a 50 day moving average of $93.97.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.38. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.The business had revenue of $698.78 million for the quarter, compared to analysts' expectations of $660.41 million. During the same period last year, the firm earned $1.90 earnings per share.

SouthState Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.7%. The ex-dividend date was Friday, November 7th. SouthState Bank's dividend payout ratio is currently 33.01%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in 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. National Bankshares set a $127.00 price target on SouthState Bank in a research note on Wednesday, September 24th. Cowen began coverage on SouthState Bank in a research note on Wednesday, September 24th. They issued a "buy" rating for the company. Citigroup reduced their target price 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. Finally, Stephens cut their target price on shares of SouthState Bank from $115.00 to $110.00 and set an "overweight" rating on the stock in a research report on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $115.31.

View Our Latest Report on SSB

About SouthState Bank

(Free Report)

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.

Should You Invest $1,000 in SouthState Bank Right Now?

Before you consider SouthState Bank, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and SouthState Bank wasn't on the list.

While SouthState Bank currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here