Analysts Set SouthState Co. (NASDAQ:SSB) PT at $105.11

SouthState Co. (NASDAQ:SSB) has been given an average recommendation of “Moderate Buy” by the nine analysts that are currently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $105.11.

Several research firms have weighed in on SSB. DA Davidson raised their price target on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Piper Sandler lifted their price objective on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Hovde Group upped their target price on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $120.00 price target (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Finally, Stephens upped their price objective on shares of SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th.

SouthState Trading Down 2.4 %

Shares of SSB stock opened at $108.29 on Friday. The stock has a market cap of $8.26 billion, a P/E ratio of 16.71 and a beta of 0.66. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. SouthState has a fifty-two week low of $67.72 and a fifty-two week high of $113.14. The business has a fifty day simple moving average of $98.23 and a 200-day simple moving average of $88.41.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The company had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. During the same quarter in the prior year, the firm earned $1.62 earnings per share. The company’s revenue for the quarter was down .4% compared to the same quarter last year. On average, analysts forecast that SouthState will post 6.92 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend is Friday, November 8th. SouthState’s dividend payout ratio (DPR) is 33.33%.

Insiders Place Their Bets

In other news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now directly owns 33,328 shares of the company’s stock, valued at $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.

Institutional Trading of SouthState

A number of institutional investors have recently added to or reduced their stakes in SSB. Waldron Private Wealth LLC purchased a new stake in shares of SouthState during the third quarter valued at approximately $35,000. GAMMA Investing LLC boosted its position in 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 last quarter. UMB Bank n.a. grew its stake in shares of SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after acquiring an additional 192 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of SouthState during the second quarter worth about $97,000. Finally, Innealta Capital LLC acquired a new position in shares of SouthState in the second quarter worth about $133,000. 89.76% of the stock is owned by hedge funds and other 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.