SouthState Co. (NASDAQ:SSB) Given Average Rating of “Moderate Buy” by Brokerages

SouthState Co. (NASDAQ:SSB) has received a consensus recommendation of “Moderate Buy” from the nine brokerages that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $115.44.

Several research analysts have weighed in on the company. Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Stephens restated an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a report on Friday, January 24th. Truist Financial reduced their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. UBS Group initiated coverage on shares of SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Finally, Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and raised their price target for the company from $106.00 to $128.00 in a report on Monday, January 27th.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 6,531 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total transaction of $707,241.99. Following the completion of the transaction, the chief financial officer now owns 34,107 shares of the company’s stock, valued at approximately $3,693,447.03. The trade was a 16.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Inspire Investing LLC bought a new position in SouthState during the third quarter worth $286,000. Creative Planning grew its position in SouthState by 26.7% in the 3rd quarter. Creative Planning now owns 18,196 shares of the bank’s stock worth $1,768,000 after purchasing an additional 3,831 shares during the last quarter. Builder Investment Group Inc. ADV acquired a new stake in SouthState in the 3rd quarter worth $235,000. Calton & Associates Inc. bought a new position in shares of SouthState during the 3rd quarter worth about $435,000. Finally, Waldron Private Wealth LLC acquired a new position in shares of SouthState during the third quarter valued at about $35,000. 89.76% of the stock is owned by institutional investors.

SouthState Trading Down 0.9 %

NASDAQ SSB opened at $101.55 on Friday. The company has a market capitalization of $7.75 billion, a PE ratio of 14.59 and a beta of 0.70. SouthState has a 1-year low of $70.68 and a 1-year high of $114.26. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm’s fifty day simple moving average is $101.65 and its 200-day simple moving average is $100.07.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend was Friday, February 7th. SouthState’s payout ratio is 31.03%.

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.