SouthState Co. (NASDAQ:SSB) Given Average Rating of “Moderate Buy” by Brokerages

SouthState Co. (NASDAQ:SSB) has been given an average recommendation of “Moderate Buy” by the nine analysts that are currently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $105.11.

SSB has been the topic of a number of recent research reports. Stephens boosted their price objective on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. DA Davidson lifted their price target on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Piper Sandler increased their price objective 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. Keefe, Bruyette & Woods reaffirmed 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. Finally, Truist Financial dropped their target price on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th.

Insiders Place Their Bets

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the business’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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’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 transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On SouthState

A number of large investors have recently added to or reduced their stakes in SSB. Waldron Private Wealth LLC acquired a new stake in SouthState during the third quarter worth about $35,000. GAMMA Investing LLC lifted its holdings in shares of SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after acquiring an additional 333 shares during the period. UMB Bank n.a. boosted its position in shares of SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after acquiring an additional 192 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in SouthState in the second quarter valued at approximately $97,000. Finally, Innealta Capital LLC bought a new position in SouthState in the second quarter valued at approximately $133,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Stock Down 3.4 %

Shares of SSB stock opened at $107.68 on Friday. The company has a market capitalization of $8.22 billion, a price-to-earnings ratio of 16.62 and a beta of 0.66. SouthState has a 12-month low of $67.72 and a 12-month high of $111.99. The firm has a fifty day moving average of $97.48 and a 200-day moving average of $87.66. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.26. The firm had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the business posted $1.62 EPS. As a group, equities research analysts predict that SouthState will post 6.92 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 8th will be paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend is Friday, November 8th. SouthState’s dividend payout ratio is presently 33.33%.

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.