SouthState’s (SSB) Overweight Rating Reaffirmed at Stephens

Stephens reiterated their overweight rating on shares of SouthState (NASDAQ:SSB) in a research note issued to investors on Friday morning,Benzinga reports. They currently have a $130.00 target price on the bank’s stock.

A number of other analysts have also issued reports on the stock. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $120.00 target price (up from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and boosted their target price for the company from $106.00 to $128.00 in a research note on Monday, January 27th. UBS Group initiated coverage on shares of SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective for the company. Finally, Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $115.44.

SouthState Stock Up 0.7 %

Shares of SSB opened at $93.03 on Friday. The firm has a market capitalization of $9.43 billion, a P/E ratio of 13.37 and a beta of 0.68. SouthState has a 12-month low of $70.68 and a 12-month 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 has a fifty day moving average price of $100.67 and a 200-day moving average price of $100.72.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.32%. The ex-dividend date was Friday, February 7th. SouthState’s payout ratio is 31.03%.

Insider Buying and Selling at SouthState

In other news, CAO Sara Arana sold 1,991 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $100.78, for a total transaction of $200,652.98. Following the transaction, the chief accounting officer now owns 4,787 shares in the company, valued at $482,433.86. This represents a 29.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO William E. V. Matthews sold 6,531 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total transaction of $707,241.99. Following the transaction, the chief financial officer now owns 34,107 shares in the company, valued at approximately $3,693,447.03. This trade represents a 16.07 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

Hedge Funds Weigh In On SouthState

Several hedge funds have recently modified their holdings of the stock. Forum Financial Management LP acquired a new position in shares of SouthState during the fourth quarter valued at about $260,000. GTS Securities LLC acquired a new position in shares of SouthState during the fourth quarter valued at about $594,000. Vise Technologies Inc. acquired a new position in shares of SouthState during the fourth quarter valued at about $345,000. CSS LLC IL acquired a new position in shares of SouthState during the fourth quarter valued at about $3,081,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of SouthState by 3.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 275,027 shares of the bank’s stock valued at $27,360,000 after acquiring an additional 9,449 shares in the last quarter. Institutional investors and hedge funds 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.