Truist Financial Lowers SouthState (NASDAQ:SSB) Price Target to $103.00

SouthState (NASDAQ:SSB) had its target price cut by Truist Financial from $111.00 to $103.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have a hold rating on the bank’s stock.

SSB has been the topic of several other reports. DA Davidson increased their target price on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Hovde Group increased their price objective on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Stephens raised their price objective on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Citigroup began coverage on SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price for the company. Finally, Piper Sandler lifted their price target on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $104.00.

SouthState Stock Up 1.6 %

SSB opened at $99.80 on Monday. The company has a market capitalization of $7.60 billion, a PE ratio of 16.28 and a beta of 0.67. The business has a 50-day moving average of $96.62 and a 200-day moving average of $86.63. SouthState has a fifty-two week low of $65.18 and a fifty-two week high of $103.82. 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, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The firm had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. During the same period in the previous year, the company earned $1.62 earnings per share. The company’s revenue was down .4% compared to the same quarter last year. Equities research analysts forecast that SouthState will post 6.69 EPS for the current fiscal year.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 8th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.16%. SouthState’s payout ratio is 35.24%.

Insider Buying and Selling

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Daniel E. Bockhorst sold 2,500 shares of the business’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 directly owns 33,328 shares in the company, valued at approximately $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SouthState

Hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp increased its stake in SouthState by 40.0% in the third quarter. Van ECK Associates Corp now owns 43,646 shares of the bank’s stock valued at $4,218,000 after acquiring an additional 12,471 shares during the period. F M Investments LLC boosted its holdings in SouthState by 2.4% during the third quarter. F M Investments LLC now owns 97,876 shares of the bank’s stock valued at $9,512,000 after purchasing an additional 2,300 shares in the last quarter. Chicago Partners Investment Group LLC raised its holdings in shares of SouthState by 7.0% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock worth $274,000 after buying an additional 186 shares in the last quarter. State of Alaska Department of Revenue lifted its position in shares of SouthState by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 8,817 shares of the bank’s stock worth $856,000 after buying an additional 600 shares during the period. Finally, Nicholson Wealth Management Group LLC acquired a new stake in SouthState in the 3rd quarter valued at $693,000. Institutional investors and hedge funds 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.