Stieven Capital Advisors L.P. Takes $9.09 Million Position in SouthState Co. (NASDAQ:SSB)

Stieven Capital Advisors L.P. acquired a new position in SouthState Co. (NASDAQ:SSB - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 93,500 shares of the bank's stock, valued at approximately $9,086,000. SouthState comprises 1.7% of Stieven Capital Advisors L.P.'s investment portfolio, making the stock its 26th biggest holding. Stieven Capital Advisors L.P. owned about 0.12% of SouthState as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of SSB. Dimensional Fund Advisors LP boosted 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 purchasing an additional 371,987 shares during the last quarter. F M Investments LLC acquired a new position in shares of SouthState in the 2nd quarter valued at about $7,303,000. Renaissance Technologies LLC purchased a new stake in shares of SouthState in the second quarter worth about $4,829,000. Victory Capital Management Inc. grew its holdings in SouthState by 1.6% during the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank's stock worth $214,157,000 after acquiring an additional 45,176 shares during the period. Finally, Earnest Partners LLC raised its position in SouthState by 2.8% during the second quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank's stock valued at $114,197,000 after acquiring an additional 40,879 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction dated 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 owns 33,328 shares in the company, valued at approximately $3,332,800. This represents a 6.98 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the business'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 transaction, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 11.91 % 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 corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Truist Financial lowered their price objective on SouthState from $111.00 to $103.00 and set a "hold" rating on the stock in a research report on Monday, October 28th. DA Davidson increased their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a "buy" rating in a report on Friday, July 26th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $120.00 price objective (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Stephens upped their price objective on shares of SouthState from $101.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 29th. Finally, Hovde Group cut SouthState from an "outperform" rating to a "market perform" rating in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $105.11.

SouthState Price Performance

Shares of SSB traded down $0.42 during mid-day trading on Friday, hitting $106.07. 711,151 shares of the company were exchanged, compared to its average volume of 574,095. The stock has a market cap of $8.09 billion, a price-to-earnings ratio of 16.37 and a beta of 0.66. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $113.14. The company has a 50 day moving average of $98.93 and a 200-day moving average of $89.04. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92.

SouthState (NASDAQ:SSB - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping the consensus estimate of $1.64 by $0.26. The company had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. SouthState's quarterly revenue was down .4% on a year-over-year basis. During the same period in the previous year, the business earned $1.62 EPS. Analysts expect that SouthState Co. will post 6.92 EPS for the current fiscal year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were issued a $0.54 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 2.04%. SouthState's payout ratio is currently 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.