Stieven Capital Advisors L.P. Purchases 12,700 Shares of SouthState Co. (NASDAQ:SSB)

Stieven Capital Advisors L.P. boosted its holdings in shares of SouthState Co. (NASDAQ:SSB) by 13.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 106,200 shares of the bank’s stock after purchasing an additional 12,700 shares during the period. SouthState accounts for approximately 1.9% of Stieven Capital Advisors L.P.’s portfolio, making the stock its 25th biggest position. Stieven Capital Advisors L.P.’s holdings in SouthState were worth $10,565,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SSB. Rhumbline Advisers grew its position in shares of SouthState by 1.6% in the 4th quarter. Rhumbline Advisers now owns 258,068 shares of the bank’s stock valued at $25,673,000 after purchasing an additional 3,954 shares during the period. Van ECK Associates Corp lifted its stake in SouthState by 34.1% in the fourth quarter. Van ECK Associates Corp now owns 58,540 shares of the bank’s stock valued at $5,824,000 after buying an additional 14,894 shares in the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of SouthState by 0.5% in the fourth quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank’s stock valued at $2,109,000 after buying an additional 100 shares during the period. Stonebridge Financial Group LLC bought a new stake in shares of SouthState during the fourth quarter worth $137,000. Finally, Empowered Funds LLC acquired a new stake in shares of SouthState during the fourth quarter worth $3,769,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity at SouthState

In related news, CFO William E. V. Matthews sold 6,531 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total transaction of $707,241.99. Following the transaction, the chief financial officer now directly owns 34,107 shares of the company’s stock, valued at approximately $3,693,447.03. The trade was a 16.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.26% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have issued reports on SSB. UBS Group began coverage on SouthState in a report on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price for the company. 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. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Truist Financial lowered their price objective on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Finally, Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and increased their target price for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $115.44.

SouthState Price Performance

Shares of SSB opened at $102.20 on Friday. The company has a market cap of $7.80 billion, a price-to-earnings ratio of 14.68 and a beta of 0.70. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The company’s fifty day simple moving average is $102.15 and its 200 day simple moving average is $99.90. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.26.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were issued a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.11%. SouthState’s payout ratio is 31.03%.

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.