Barclays Initiates Coverage on SouthState (NASDAQ:SSB)

Barclays began coverage on shares of SouthState (NASDAQ:SSB) in a research report report published on Tuesday, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $120.00 price objective on the bank’s stock.

SSB has been the subject of several other research reports. Stephens restated an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research report on Friday, March 7th. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and raised their target price for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Finally, UBS Group initiated coverage on SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, SouthState currently has an average rating of “Moderate Buy” and an average price target of $115.90.

SouthState Price Performance

NASDAQ SSB opened at $92.36 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState has a 1 year low of $70.68 and a 1 year high of $114.27. The company has a market cap of $9.36 billion, a PE ratio of 13.27 and a beta of 0.68. The stock’s 50-day moving average price is $98.74 and its two-hundred day moving average price is $100.58.

SouthState Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend was Friday, February 7th. SouthState’s payout ratio is currently 31.03%.

Insider Transactions at SouthState

In other news, CFO William E. V. Matthews sold 6,531 shares of the stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total transaction of $707,241.99. Following the transaction, the chief financial officer now owns 34,107 shares in the company, valued at $3,693,447.03. This represents a 16.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director G Stacy Smith acquired 3,100 shares of SouthState stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $93.60 per share, with a total value of $290,160.00. Following the purchase, the director now owns 36,779 shares in the company, valued at $3,442,514.40. The trade was a 9.20 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.70% of the company’s stock.

Institutional Trading of SouthState

Large investors have recently made changes to their positions in the stock. Cerity Partners LLC lifted its holdings in SouthState by 22.0% in the 3rd quarter. Cerity Partners LLC now owns 13,113 shares of the bank’s stock worth $1,274,000 after purchasing an additional 2,365 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in SouthState by 116.8% during the third quarter. BNP Paribas Financial Markets now owns 35,119 shares of the bank’s stock valued at $3,413,000 after purchasing an additional 18,917 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of SouthState by 64.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 265,578 shares of the bank’s stock valued at $25,809,000 after purchasing an additional 103,756 shares during the period. Captrust Financial Advisors lifted its stake in shares of SouthState by 8.3% in the third quarter. Captrust Financial Advisors now owns 18,077 shares of the bank’s stock worth $1,757,000 after buying an additional 1,383 shares during the last quarter. Finally, Paloma Partners Management Co bought a new stake in shares of SouthState during the 3rd quarter worth $243,000. Institutional investors own 89.76% of the company’s stock.

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.