SouthState (NASDAQ:SSB) Hits New 1-Year High – Here’s What Happened

Shares of SouthState Co. (NASDAQ:SSB) reached a new 52-week high on Tuesday . The company traded as high as $103.56 and last traded at $103.47, with a volume of 184151 shares trading hands. The stock had previously closed at $100.36.

Wall Street Analyst Weigh In

SSB has been the subject of several analyst reports. Keefe, Bruyette & Woods raised their target price on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Stephens boosted their target price on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Truist Financial increased their price target on SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Hovde Group boosted their price objective on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Finally, Citigroup started coverage on SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.89.

SouthState Price Performance

The firm has a market capitalization of $7.73 billion, a PE ratio of 16.56 and a beta of 0.67. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a fifty day moving average price of $94.45 and a 200-day moving average price of $85.24.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. The company had revenue of $425.48 million for the quarter, compared to the consensus estimate of $418.08 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.63 earnings per share. Sell-side analysts forecast that SouthState Co. will post 6.69 EPS for the current fiscal year.

SouthState Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were given a dividend of $0.54 per share. This is a boost from SouthState’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.13%. SouthState’s dividend payout ratio is presently 35.24%.

Insider Buying and Selling at SouthState

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction 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 directly owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the company’s 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 transaction, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now directly owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is owned by insiders.

Hedge Funds Weigh In On SouthState

Several hedge funds have recently made changes to their positions in the company. Nicholas Hoffman & Company LLC. grew its stake in SouthState by 0.6% during the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock valued at $1,472,000 after purchasing an additional 123 shares during the last quarter. Raymond James & Associates lifted its holdings in shares of SouthState by 0.6% during the second quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock worth $1,631,000 after purchasing an additional 126 shares during the period. UMB Bank n.a. boosted its position in SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after buying an additional 192 shares during the last quarter. GAMMA Investing LLC increased its holdings in SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after buying an additional 333 shares during the period. Finally, Brown Brothers Harriman & Co. raised its position in SouthState by 3.7% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 9,704 shares of the bank’s stock worth $742,000 after buying an additional 344 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

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.