Brokerages Set SouthState Co. (NASDAQ:SSB) Target Price at $105.11

SouthState Co. (NASDAQ:SSB) has been given an average rating of “Hold” by the nine brokerages that are presently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $105.11.

SSB has been the topic of a number of analyst reports. Truist Financial decreased their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Piper Sandler increased their target price on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Stephens increased their target price on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Citigroup initiated coverage on shares of SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price on the stock.

Insider Buying and Selling

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. This represents a 6.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction that occurred 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 directly owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The trade was a 11.91 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SouthState

Several large investors have recently modified their holdings of the business. Synovus Financial Corp raised its stake in shares of SouthState by 64.8% during the third quarter. Synovus Financial Corp now owns 116,404 shares of the bank’s stock valued at $11,312,000 after acquiring an additional 45,785 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of SouthState during the third quarter valued at $265,000. Geode Capital Management LLC raised its stake in shares of SouthState by 1.8% during the third quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank’s stock valued at $176,931,000 after acquiring an additional 31,340 shares during the last quarter. XTX Topco Ltd bought a new position in shares of SouthState during the third quarter valued at $445,000. Finally, Jane Street Group LLC increased its position in shares of SouthState by 14.5% during the third quarter. Jane Street Group LLC now owns 149,411 shares of the bank’s stock worth $14,520,000 after buying an additional 18,881 shares during the period. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Down 0.2 %

Shares of SSB opened at $110.75 on Tuesday. SouthState has a 52 week low of $70.68 and a 52 week high of $114.26. The firm has a market cap of $8.45 billion, a P/E ratio of 17.09 and a beta of 0.69. The firm’s 50-day simple moving average is $102.53 and its 200 day simple moving average is $91.73. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92.

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

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were given a dividend of $0.54 per share. The ex-dividend date was Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 1.95%. SouthState’s dividend payout ratio is 33.33%.

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.