Stieven Capital Advisors L.P. Buys Shares of 93,500 SouthState Co. (NASDAQ:SSB)

Stieven Capital Advisors L.P. bought a new stake in SouthState Co. (NASDAQ:SSB) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 93,500 shares of the bank’s stock, valued at approximately $9,086,000. SouthState accounts for approximately 1.7% of Stieven Capital Advisors L.P.’s portfolio, making the stock its 26th biggest position. Stieven Capital Advisors L.P. owned approximately 0.12% of SouthState at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of SSB. Dimensional Fund Advisors LP lifted its holdings in SouthState by 12.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock valued at $254,394,000 after acquiring an additional 371,987 shares during the period. F M Investments LLC purchased a new stake in SouthState in the second quarter worth about $7,303,000. Renaissance Technologies LLC purchased a new stake in SouthState in the second quarter worth about $4,829,000. Victory Capital Management Inc. increased its position in SouthState by 1.6% in the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock worth $214,157,000 after buying an additional 45,176 shares in the last quarter. Finally, Earnest Partners LLC increased its position in SouthState by 2.8% in the second quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank’s stock worth $114,197,000 after buying an additional 40,879 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

SSB has been the subject of a number of analyst reports. Piper Sandler upped their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Stephens upped their price target on SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Citigroup initiated coverage on SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target for the company. DA Davidson upped their price target on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $120.00 target price (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $105.11.

Insider Buying and Selling at SouthState

In other news, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. This trade represents a 11.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the sale, the insider now directly owns 33,328 shares of the company’s stock, valued at $3,332,800. The trade was a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by company insiders.

SouthState Stock Performance

NASDAQ SSB opened at $106.07 on Friday. The stock has a market capitalization of $8.09 billion, a PE ratio of 15.28 and a beta of 0.66. The business has a 50 day simple moving average of $98.93 and a two-hundred day simple moving average of $88.96. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $113.14.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.26. The business had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter last year, the business posted $1.62 EPS. On average, research analysts predict that SouthState Co. will post 6.92 EPS for the current fiscal year.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend was Friday, November 8th. SouthState’s dividend payout ratio is presently 33.33%.

SouthState Company 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 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.