SouthState Co. (NASDAQ:SSB) Receives $102.89 Average PT from Analysts

SouthState Co. (NASDAQ:SSB) has received an average recommendation of “Moderate Buy” from the nine brokerages that are covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $102.89.

SSB has been the subject of several recent research reports. Stephens lifted their price target on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. DA Davidson upped their price target on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods raised their price objective on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Truist Financial boosted their price objective on shares of SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Finally, Hovde Group increased their target price on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th.

Insider Activity

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the sale, the insider now directly owns 33,328 shares of the company’s stock, valued at $3,332,800. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the sale, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was 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 $3,696,400. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. nVerses Capital LLC purchased a new stake in SouthState in the third quarter valued at about $418,000. Hunter Perkins Capital Management LLC raised its position in shares of SouthState by 2.7% in the 3rd quarter. Hunter Perkins Capital Management LLC now owns 33,290 shares of the bank’s stock valued at $3,235,000 after purchasing an additional 870 shares during the last quarter. Creative Planning grew its position in SouthState by 26.7% during the 3rd quarter. Creative Planning now owns 18,196 shares of the bank’s stock worth $1,768,000 after purchasing an additional 3,831 shares during the last quarter. Smith Chas P & Associates PA Cpas acquired a new position in SouthState during the 3rd quarter valued at approximately $1,124,000. Finally, Inspire Investing LLC purchased a new position in shares of SouthState in the third quarter worth $286,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $102.17 on Monday. The company has a market capitalization of $7.78 billion, a P/E ratio of 16.67 and a beta of 0.67. The company’s 50-day moving average is $94.71 and its 200 day moving average is $85.36. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. SouthState has a fifty-two week low of $63.36 and a fifty-two week high of $103.82.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.25. The business had revenue of $425.48 million during the quarter, compared to the consensus estimate of $418.08 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period last year, the business posted $1.63 earnings per share. On average, equities research analysts forecast that SouthState will post 6.69 earnings per share for the current year.

SouthState Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were issued a $0.54 dividend. This is a boost from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend was Friday, August 9th. SouthState’s dividend payout ratio (DPR) 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.