SouthState (NASDAQ:SSB) Now Covered by Analysts at Barclays

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

SSB has been the topic of several other reports. Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Stephens restated an “overweight” rating and issued a $130.00 target price on shares of SouthState in a research note on Friday, March 7th. Finally, UBS Group began coverage on SouthState in a report on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price for the company. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $115.90.

SouthState Trading Down 0.5 %

NASDAQ:SSB opened at $92.36 on Tuesday. The company has a market cap of $9.36 billion, a PE ratio of 13.27 and a beta of 0.68. The business’s 50 day moving average is $98.74 and its two-hundred day moving average is $100.58. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState has a 52 week low of $70.68 and a 52 week high of $114.27.

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date was Friday, February 7th. SouthState’s dividend payout ratio (DPR) is 31.03%.

Insider Activity at SouthState

In related news, Director G Stacy Smith acquired 3,100 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the acquisition, the director now directly owns 36,779 shares of the company’s stock, valued at approximately $3,442,514.40. The trade was a 9.20 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Janet P. Froetscher acquired 2,717 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were bought at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the purchase, the director now directly owns 4,689 shares of the company’s stock, valued at approximately $431,481.78. This trade represents a 137.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.70% of the stock is owned by insiders.

Hedge Funds Weigh In On SouthState

Several hedge funds have recently modified their holdings of SSB. Cerity Partners LLC boosted its stake in SouthState by 22.0% during the third quarter. Cerity Partners LLC now owns 13,113 shares of the bank’s stock valued at $1,274,000 after buying an additional 2,365 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of SouthState by 116.8% during the 3rd 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of SouthState by 64.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 265,578 shares of the bank’s stock worth $25,809,000 after purchasing an additional 103,756 shares during the last quarter. Captrust Financial Advisors raised its holdings in shares of SouthState by 8.3% in the 3rd quarter. Captrust Financial Advisors now owns 18,077 shares of the bank’s stock worth $1,757,000 after purchasing an additional 1,383 shares in the last quarter. Finally, Paloma Partners Management Co acquired a new stake in SouthState during the third quarter valued at approximately $243,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.