Stieven Capital Advisors L.P. Increases Holdings in SouthState Co. (NASDAQ:SSB)

Stieven Capital Advisors L.P. increased its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 52.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 162,400 shares of the bank's stock after purchasing an additional 56,200 shares during the period. SouthState accounts for 2.9% of Stieven Capital Advisors L.P.'s investment portfolio, making the stock its 11th largest position. Stieven Capital Advisors L.P. owned about 0.16% of SouthState worth $15,074,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Summit Securities Group LLC bought a new position in shares of SouthState in the fourth quarter worth $38,000. Aquatic Capital Management LLC bought a new position in SouthState in the 4th quarter worth about $45,000. Quadrant Capital Group LLC raised its holdings in shares of SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after acquiring an additional 99 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of SouthState by 577.4% in the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock valued at $53,000 after acquiring an additional 485 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of SouthState by 181.7% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock valued at $54,000 after acquiring an additional 378 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on SSB shares. Jefferies Financial Group assumed coverage on SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price on the stock. DA Davidson cut their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 28th. Truist Financial started coverage on SouthState in a report on Tuesday, May 13th. They set a "buy" rating and a $106.00 price objective on the stock. Stephens reaffirmed an "overweight" rating and issued a $119.00 target price on shares of SouthState in a research note on Monday, April 28th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $116.45.

SouthState Stock Performance

NASDAQ:SSB opened at $97.01 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. SouthState Co. has a fifty-two week low of $77.74 and a fifty-two week high of $114.27. The business has a 50 day moving average price of $90.29 and a 200-day moving average price of $93.47. The firm has a market cap of $9.85 billion, a PE ratio of 13.94 and a beta of 0.77.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's dividend payout ratio (DPR) is presently 34.12%.

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.

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