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

Shares of SouthState Co. (NASDAQ:SSB) have earned an average rating of “Moderate Buy” from the eight brokerages that are presently covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $102.75.

A number of analysts recently commented on SSB shares. DA Davidson boosted their price objective on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Truist Financial upped their price target on SouthState from $81.00 to $109.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Stephens lifted their price objective on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Hovde Group upped their target price on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Finally, Piper Sandler lifted their price target on SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 29th.

SouthState Stock Performance

Shares of SSB stock opened at $99.10 on Thursday. The stock’s 50-day moving average is $92.74 and its two-hundred day moving average is $83.41. 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 1 year low of $63.36 and a 1 year high of $102.59. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of 16.17 and a beta of 0.67.

SouthState (NASDAQ:SSB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, topping the consensus estimate 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 net margin of 20.84% and a return on equity of 9.31%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.63 earnings per share. Analysts predict that SouthState will post 6.7 earnings per share for the current year.

SouthState Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.18%. This is a positive change from SouthState’s previous quarterly dividend of $0.23. SouthState’s dividend payout ratio (DPR) is presently 35.24%.

Insider Buying and Selling

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.26% of the company’s stock.

Institutional Trading of SouthState

Large investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC boosted its position in shares of SouthState by 544.0% in the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after buying an additional 272 shares during the period. Fidelis Capital Partners LLC acquired a new stake in SouthState during the 1st quarter worth about $30,000. TFO Wealth Partners LLC grew its stake in SouthState by 13,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after acquiring an additional 402 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after purchasing an additional 333 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of SouthState in the second quarter worth approximately $97,000. 89.76% of the stock is currently owned by institutional investors.

About SouthState

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.