Stephens Forecasts Strong Price Appreciation for SouthState (NASDAQ:SSB) Stock

SouthState (NASDAQ:SSB) had its price target hoisted by Stephens from $101.00 to $105.00 in a research note published on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

SSB has been the topic of several other reports. Keefe, Bruyette & Woods upped their price objective on SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Citigroup began coverage on shares of SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective for the company. DA Davidson raised their price target on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, July 26th. Truist Financial decreased their target price on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday. Finally, Hovde Group raised their price target on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $104.00.

SouthState Stock Down 2.3 %

SSB stock opened at $97.53 on Tuesday. SouthState has a twelve month low of $65.18 and a twelve month high of $103.82. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.12. The company has a market cap of $7.44 billion, a PE ratio of 14.38 and a beta of 0.67. The business’s 50-day simple moving average is $96.78 and its 200 day simple moving average is $86.72.

SouthState (NASDAQ:SSB) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping the consensus estimate of $1.64 by $0.26. The firm had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. SouthState’s quarterly revenue was down .4% compared to the same quarter last year. During the same period last year, the business earned $1.62 earnings per share. On average, research analysts anticipate that SouthState will post 6.85 earnings per share for the current year.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Friday, November 8th. SouthState’s dividend payout ratio is currently 33.33%.

Insiders Place Their Bets

In related news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer now 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 Securities & Exchange Commission, which is available at this link. In other news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s 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 in the company, valued at $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 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 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On SouthState

Several institutional investors have recently bought and sold shares of SSB. Fidelis Capital Partners LLC acquired a new stake in shares of SouthState in the first quarter valued at approximately $30,000. Waldron Private Wealth LLC bought a new position in SouthState in the third quarter valued at $35,000. GAMMA Investing LLC increased its stake 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. boosted its stake in shares of SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after buying an additional 192 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of SouthState in the 2nd quarter valued at about $97,000. Institutional investors own 89.76% of the company’s stock.

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.