SouthState Co. (NASDAQ:SSB) Receives Average Rating of “Moderate Buy” from Analysts

SouthState Co. (NASDAQ:SSB) has received a consensus rating of “Moderate Buy” from the eight research firms that are covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $102.75.

Several research firms recently commented on SSB. Keefe, Bruyette & Woods upped their target price on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Hovde Group boosted their price target on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Stephens raised their price objective on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Truist Financial boosted their price objective on SouthState from $81.00 to $109.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Finally, Piper Sandler increased their price objective on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th.

Insider Buying and Selling at SouthState

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.26% of the company’s stock.

Hedge Funds Weigh In On SouthState

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new position in shares of SouthState in the fourth quarter valued at about $75,485,000. Franklin Resources Inc. increased its holdings in shares of SouthState by 26.8% during the fourth quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock worth $186,485,000 after purchasing an additional 466,144 shares during the period. Dimensional Fund Advisors LP raised its position in shares of SouthState by 12.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock valued at $254,394,000 after buying an additional 371,987 shares in the last quarter. Jupiter Asset Management Ltd. boosted its stake in shares of SouthState by 270.2% in the first quarter. Jupiter Asset Management Ltd. now owns 353,700 shares of the bank’s stock valued at $30,075,000 after buying an additional 258,168 shares during the period. Finally, Capital World Investors grew its position in SouthState by 31.8% during the fourth quarter. Capital World Investors now owns 620,510 shares of the bank’s stock worth $52,402,000 after buying an additional 149,745 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Stock Up 0.4 %

Shares of SouthState stock opened at $99.10 on Thursday. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of 16.17 and a beta of 0.67. The stock has a 50-day simple moving average of $92.74 and a 200-day simple moving average of $83.41. SouthState has a 52-week low of $63.36 and a 52-week high of $102.59. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, topping the consensus estimate of $1.54 by $0.25. The firm had revenue of $425.48 million for the quarter, compared to the consensus estimate of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.63 earnings per share. On average, equities research analysts expect that SouthState will post 6.7 earnings per share for the current fiscal year.

SouthState Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date was Friday, August 9th. This is a positive change from SouthState’s previous quarterly dividend of $0.23. SouthState’s payout ratio is currently 35.24%.

SouthState Company 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.