Stieven Capital Advisors L.P. Increases Stock Holdings in SouthState Bank Corporation $SSB

Key Points

• Stieven Capital Advisors L.P. increased its stake in SouthState Bank by 9% in Q3 to 246,900 shares (about $24.41M), making SSB roughly 4.6% of the fund and its fifth-largest holding.
• Analysts are largely bullish on SSB: the consensus rating is Buy with an average price target of $118.71, and several firms (JPMorgan, TD Cowen, Stephens, Barclays, Raymond James) recently initiated coverage or raised targets.
• SouthState beat quarterly estimates (EPS $2.47 vs. $2.30; revenue $686.87M vs. $667.88M), pays a $0.60 quarterly dividend (2.7% yield), and trades at a PE of 11.51.

Stieven Capital Advisors L.P. raised its holdings in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 9.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 246,900 shares of the company's stock after purchasing an additional 20,300 shares during the quarter. SouthState Bank makes up approximately 4.6% of Stieven Capital Advisors L.P.'s portfolio, making the stock its 5th largest holding. Stieven Capital Advisors L.P. owned 0.25% of SouthState Bank worth $24,411,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SSB. Mather Group LLC. purchased a new position in shares of SouthState Bank in the third quarter worth about $33,000. Global Retirement Partners LLC lifted its stake in shares of SouthState Bank by 106.8% during the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company's stock valued at $36,000 after buying an additional 188 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in shares of SouthState Bank during the 2nd quarter valued at approximately $34,000. True Wealth Design LLC boosted its holdings in SouthState Bank by 37,700.0% in the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company's stock worth $37,000 after buying an additional 377 shares during the period. Finally, Covestor Ltd grew its stake in SouthState Bank by 385.1% in the 3rd quarter. Covestor Ltd now owns 490 shares of the company's stock valued at $49,000 after buying an additional 389 shares in the last quarter. Institutional investors own 89.76% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on SSB. JPMorgan Chase & Co. initiated coverage on shares of SouthState Bank in a report on Friday, December 12th. They set an "overweight" rating and a $115.00 target price on the stock. TD Cowen raised their price target on SouthState Bank from $115.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, January 26th. Stephens lifted their price target on SouthState Bank from $110.00 to $120.00 and gave the company an "overweight" rating in a research report on Monday, January 26th. Raymond James Financial boosted their price objective on SouthState Bank from $110.00 to $115.00 and gave the company a "strong-buy" rating in a research note on Wednesday, January 7th. Finally, Barclays increased their price objective on SouthState Bank from $122.00 to $126.00 and gave the stock an "overweight" rating in a report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $118.71.

SouthState Bank Stock Performance

NYSE SSB opened at $90.45 on Friday. SouthState Bank Corporation has a 1 year low of $77.74 and a 1 year high of $108.46. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.93 and a quick ratio of 0.92. The stock has a market capitalization of $8.87 billion, a PE ratio of 11.51 and a beta of 0.73. The company's 50 day simple moving average is $100.09 and its two-hundred day simple moving average is $96.81.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, beating the consensus estimate of $2.30 by $0.17. The firm had revenue of $686.87 million during the quarter, compared to the consensus estimate of $667.88 million. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. During the same period last year, the firm earned $1.93 EPS.

SouthState Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, February 6th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, February 6th. This represents a $2.40 annualized dividend and a yield of 2.7%. SouthState Bank's dividend payout ratio (DPR) is currently 30.53%.

SouthState Bank Profile

SouthState Bank NYSE: SSB is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.

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