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

Advantage Alpha Capital Partners LP increased its position in shares of SouthState Co. (NASDAQ:SSB) by 31.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,607 shares of the bank’s stock after buying an additional 1,354 shares during the period. Advantage Alpha Capital Partners LP’s holdings in SouthState were worth $545,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its holdings in SouthState by 234.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank’s stock valued at $2,003,000 after purchasing an additional 18,374 shares during the period. BIP Wealth LLC increased its holdings in SouthState by 605.2% in the 3rd quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock worth $3,054,000 after acquiring an additional 26,966 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in SouthState by 14.4% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 123,482 shares of the bank’s stock worth $9,437,000 after acquiring an additional 15,500 shares during the period. Mesirow Institutional Investment Management Inc. lifted its holdings in SouthState by 17.6% during the second quarter. Mesirow Institutional Investment Management Inc. now owns 201,724 shares of the bank’s stock valued at $15,416,000 after purchasing an additional 30,234 shares in the last quarter. Finally, Fisher Asset Management LLC grew its position in shares of SouthState by 3.7% in the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock valued at $69,178,000 after purchasing an additional 25,495 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Stock Up 3.0 %

Shares of NASDAQ SSB opened at $112.25 on Tuesday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The business’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 firm has a market cap of $8.56 billion, a price-to-earnings ratio of 17.32 and a beta of 0.66.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating the consensus estimate 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 last year, the firm posted $1.62 earnings per share. The business’s revenue for the quarter was down .4% compared to the same quarter last year. Research analysts predict that SouthState Co. will post 6.94 EPS for the current 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. This represents a $2.16 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend was Friday, November 8th. SouthState’s payout ratio is 33.33%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 target price (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Stephens lifted their target price 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. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Piper Sandler raised their price target on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Citigroup began coverage on shares of SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective for the company. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, SouthState currently has a consensus rating of “Hold” and a consensus price target of $105.11.

Insider Activity

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction dated 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 sale, 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 position. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

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.