SouthState Co. (NASDAQ:SSB) Receives Average Rating of “Hold” from Analysts

SouthState Co. (NASDAQ:SSB) has earned a consensus rating of “Hold” from the nine analysts that are presently covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $105.11.

A number of analysts recently issued reports on the company. Truist Financial cut their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Hovde Group cut shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Piper Sandler upped their price objective on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 target price (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Finally, Stephens upped their price target on SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th.

SouthState Trading Down 1.2 %

Shares of SSB stock opened at $109.34 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState has a twelve month low of $70.68 and a twelve month high of $114.26. The company’s 50-day moving average price is $101.66 and its 200-day moving average price is $91.25. The stock has a market cap of $8.34 billion, a price-to-earnings ratio of 16.87 and a beta of 0.66.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.26. The company had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. SouthState’s revenue was down .4% on a year-over-year basis. During the same period in the previous year, the business posted $1.62 EPS. As a group, equities analysts predict that SouthState will post 6.94 earnings per share for the current year.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 1.98%. SouthState’s dividend payout ratio is currently 33.33%.

Insider Transactions at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState 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 owns 33,328 shares of the company’s stock, valued at $3,332,800. The trade was a 6.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was 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 approximately $3,696,400. This trade represents a 11.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SSB. Nicholas Hoffman & Company LLC. boosted its holdings in shares of SouthState by 0.6% in the second quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock valued at $1,472,000 after acquiring an additional 123 shares in the last quarter. Raymond James & Associates boosted its holdings in SouthState by 0.6% in the 2nd quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock valued at $1,631,000 after purchasing an additional 126 shares in the last quarter. Chicago Partners Investment Group LLC increased its position in SouthState by 7.0% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock worth $274,000 after purchasing an additional 186 shares during the period. UMB Bank n.a. increased its position in 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 purchasing an additional 192 shares during the period. Finally, KBC Group NV raised its stake in shares of SouthState by 16.3% during the 3rd quarter. KBC Group NV now owns 2,296 shares of the bank’s stock worth $223,000 after buying an additional 321 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

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.