SouthState Co. (NASDAQ:SSB) Receives Average Rating of “Hold” from Analysts

SouthState Co. (NASDAQ:SSB) has earned an average recommendation of “Hold” from the nine research firms that are covering the stock, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $105.11.

SSB has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 price objective (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Piper Sandler raised their price objective on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Hovde Group cut shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday. Citigroup began coverage on shares of SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price on the stock. Finally, DA Davidson boosted their price target on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 26th.

Insider Transactions at SouthState

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the business’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 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The trade was a 6.98 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Waldron Private Wealth LLC purchased a new stake in SouthState in the 3rd quarter valued at approximately $35,000. UMB Bank n.a. lifted its holdings in shares of SouthState by 53.9% in the 3rd 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 period. GAMMA Investing LLC boosted its stake in shares of SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after buying an additional 333 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in SouthState during the second quarter worth $97,000. Finally, International Assets Investment Management LLC raised its position in SouthState by 9,620.0% in the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after acquiring an additional 1,443 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Stock Down 0.3 %

Shares of SouthState stock opened at $106.49 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. SouthState has a 52-week low of $70.68 and a 52-week high of $113.14. The company has a market capitalization of $8.12 billion, a P/E ratio of 16.43 and a beta of 0.66. The company has a 50 day moving average of $98.68 and a 200 day moving average of $88.67.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping 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 business had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. During the same period in the previous year, the company earned $1.62 EPS. The company’s revenue for the quarter was down .4% on a year-over-year basis. As a group, research analysts forecast that SouthState will post 6.92 EPS for the current fiscal year.

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 8th will be paid a $0.54 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 2.03%. SouthState’s dividend payout ratio is presently 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.