93,500 Shares in SouthState Co. (NASDAQ:SSB) Acquired by Stieven Capital Advisors L.P.

Stieven Capital Advisors L.P. purchased a new position in shares of SouthState Co. (NASDAQ:SSB) in the third quarter, Holdings Channel.com reports. The institutional investor purchased 93,500 shares of the bank’s stock, valued at approximately $9,086,000. SouthState comprises about 1.7% of Stieven Capital Advisors L.P.’s holdings, making the stock its 26th biggest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of SSB. Dimensional Fund Advisors LP lifted its stake in shares of SouthState by 12.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock worth $254,394,000 after acquiring an additional 371,987 shares during the last quarter. F M Investments LLC bought a new stake in shares of SouthState during the 2nd quarter worth approximately $7,303,000. Renaissance Technologies LLC bought a new stake in shares of SouthState during the 2nd quarter worth approximately $4,829,000. Victory Capital Management Inc. lifted its stake in shares of SouthState by 1.6% during the 2nd 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 last quarter. Finally, Earnest Partners LLC raised its position in SouthState by 2.8% during the 2nd quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank’s stock valued at $114,197,000 after purchasing an additional 40,879 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

Insider Buying and Selling

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

SouthState Trading Down 0.4 %

Shares of NASDAQ:SSB opened at $106.07 on Friday. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $113.14. The business’s fifty day simple moving average is $98.93 and its 200-day simple moving average is $88.96. The company has a market capitalization of $8.09 billion, a PE ratio of 15.28 and a beta of 0.66. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. During the same period in the previous year, the business earned $1.62 EPS. The firm’s revenue for the quarter was down .4% on a year-over-year basis. As a group, equities research analysts predict that SouthState Co. will post 6.92 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were paid a dividend of $0.54 per share. The ex-dividend date was Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 2.04%. SouthState’s dividend payout ratio (DPR) is 33.33%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SSB shares. Truist Financial decreased their target price on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Piper Sandler lifted their target price on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 target price (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. DA Davidson lifted their target price on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Hovde Group lowered 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 given a buy rating to the stock. According to MarketBeat, SouthState currently has an average rating of “Hold” and a consensus target price of $105.11.

SouthState 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.