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

SouthState Co. (NASDAQ:SSB) has been assigned a consensus rating of “Moderate Buy” from the nine research firms that are covering the firm, Marketbeat reports. Four equities research 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 $102.89.

Several research analysts have issued reports on SSB shares. Truist Financial upped their price objective on SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Hovde Group lifted their price objective on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. DA Davidson upped their target price on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Citigroup initiated coverage on shares of SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target for the company. Finally, Keefe, Bruyette & Woods boosted their price target on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th.

Insider Buying and Selling at SouthState

In related 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 transaction of $500,000.00. Following the completion of the transaction, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. This trade represents 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 this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction that occurred 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 transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. 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 institutional investors have recently modified their holdings of the business. Fidelis Capital Partners LLC acquired a new stake in shares of SouthState during the first quarter valued at about $30,000. GAMMA Investing LLC grew its stake 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 buying an additional 333 shares during the period. UMB Bank n.a. lifted its holdings in shares of SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after purchasing an additional 192 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of SouthState during the second quarter valued at about $97,000. Finally, Innealta Capital LLC purchased a new stake in shares of SouthState in the second quarter worth approximately $133,000. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Up 0.6 %

Shares of SSB stock opened at $102.17 on Monday. SouthState has a one year low of $63.36 and a one year 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. The stock has a fifty day moving average price of $94.71 and a 200 day moving average price of $85.36. The stock has a market cap of $7.78 billion, a P/E ratio of 16.67 and a beta of 0.67.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. The firm had revenue of $425.48 million for the quarter, compared to analysts’ expectations of $418.08 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The business’s revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.63 earnings per share. Analysts predict that SouthState will post 6.69 earnings per share for the current year.

SouthState Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were given a dividend of $0.54 per share. This is a boost from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend was Friday, August 9th. SouthState’s dividend payout ratio is currently 35.24%.

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.