Truist Financial Increases SouthState (NASDAQ:SSB) Price Target to $111.00

SouthState (NASDAQ:SSB) had its price target lifted by Truist Financial from $109.00 to $111.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a hold rating on the bank’s stock.

Other research analysts have also issued research reports about the company. Hovde Group raised 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. DA Davidson lifted 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. Stephens increased their target price on shares of SouthState from $88.00 to $101.00 and gave the company an equal weight rating in a report on Monday, July 29th. Piper Sandler boosted their price target on shares of SouthState from $95.00 to $98.00 and gave the stock an overweight rating in a report on Wednesday, May 29th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of SouthState from $95.00 to $110.00 and gave the company an outperform rating in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $103.00.

SouthState Stock Performance

Shares of SSB stock opened at $98.78 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The firm has a fifty day simple moving average of $93.43 and a two-hundred day simple moving average of $83.65. SouthState has a 12 month low of $63.36 and a 12 month high of $102.82. The firm has a market capitalization of $7.53 billion, a PE ratio of 16.11 and a beta of 0.67.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.25. The company had revenue of $425.48 million for the quarter, compared to analyst estimates of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.63 EPS. Analysts forecast that SouthState will post 6.7 EPS for the current fiscal year.

SouthState Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 2.19%. This is a boost from SouthState’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, August 9th. SouthState’s payout ratio is presently 35.24%.

Insider Transactions at SouthState

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the insider now owns 33,328 shares in the company, valued at $3,332,800. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 value of $250,000.00. Following the completion of the sale, the insider now owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of SouthState by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock worth $713,461,000 after acquiring an additional 54,147 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in SouthState by 12.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock worth $254,394,000 after purchasing an additional 371,987 shares in the last quarter. Victory Capital Management Inc. boosted its stake in SouthState by 1.6% in the 2nd quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock worth $214,157,000 after purchasing an additional 45,176 shares during the period. American Century Companies Inc. grew its holdings in SouthState by 2.4% during the 2nd quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock valued at $128,831,000 after buying an additional 39,492 shares in the last quarter. Finally, Earnest Partners LLC grew its holdings in SouthState by 2.8% during the 2nd quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank’s stock valued at $114,197,000 after buying an additional 40,879 shares in the last quarter. 89.76% of the stock is 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.