Advantage Alpha Capital Partners LP Raises Holdings in SouthState Co. (NASDAQ:SSB)

Advantage Alpha Capital Partners LP increased its stake in shares of SouthState Co. (NASDAQ:SSB) by 31.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 5,607 shares of the bank’s stock after buying an additional 1,354 shares during the quarter. Advantage Alpha Capital Partners LP’s holdings in SouthState were worth $545,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its holdings in shares of SouthState by 12.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock worth $254,394,000 after buying an additional 371,987 shares in the last quarter. F M Investments LLC purchased a new stake in SouthState in the 2nd quarter worth approximately $7,303,000. Stieven Capital Advisors L.P. acquired a new position in SouthState in the 3rd quarter valued at $9,086,000. Charles Schwab Investment Management Inc. lifted its stake in shares of SouthState by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock worth $95,999,000 after purchasing an additional 72,181 shares during the period. Finally, Prospector Partners LLC boosted its holdings in shares of SouthState by 52.8% during the third quarter. Prospector Partners LLC now owns 185,250 shares of the bank’s stock worth $18,003,000 after purchasing an additional 64,013 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SSB shares. Citigroup began coverage on SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price for the company. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Truist Financial lowered their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th. Stephens increased their price target on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Finally, Piper Sandler boosted their price objective on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, SouthState currently has a consensus rating of “Hold” and a consensus target price of $105.11.

SouthState Price Performance

SSB stock opened at $112.25 on Tuesday. The stock’s 50 day moving average is $100.24 and its two-hundred day moving average is $89.98. SouthState Co. has a 52-week low of $70.68 and a 52-week high of $114.26. The company has a market capitalization of $8.56 billion, a PE ratio of 17.32 and a beta of 0.66. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The business had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. During the same quarter in the previous year, the firm earned $1.62 earnings per share. The business’s revenue was down .4% compared to the same quarter last year. Analysts predict that SouthState Co. will post 6.94 earnings per share for the current fiscal year.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were paid 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 1.92%. SouthState’s dividend payout ratio (DPR) is 33.33%.

Insider Transactions at SouthState

In other news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. This trade represents a 6.98 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

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.