SouthState (NASDAQ:SSB) Price Target Increased to $112.00 by Analysts at Piper Sandler

SouthState (NASDAQ:SSB) had its price target increased by Piper Sandler from $110.00 to $112.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

A number of other research firms also recently commented on SSB. Citigroup started coverage on SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective for the company. Hovde Group increased their price target on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods increased their price target on SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Truist Financial increased their price target on SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a report on Friday, September 20th. Finally, Stephens increased their price target on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $104.44.

SouthState Trading Down 2.3 %

Shares of SSB stock traded down $2.28 on Friday, reaching $95.78. 491,161 shares of the stock were exchanged, compared to its average volume of 479,402. The stock has a market cap of $7.30 billion, a P/E ratio of 15.62 and a beta of 0.67. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10. The firm has a 50 day moving average of $96.35 and a two-hundred day moving average of $86.27. SouthState has a 1-year low of $64.81 and a 1-year high of $103.82.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. The business had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.62 EPS. On average, research analysts anticipate that SouthState will post 6.69 EPS for the current year.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 8th will be paid a dividend of $0.54 per share. The ex-dividend date is Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.26%. SouthState’s dividend payout ratio is presently 35.24%.

Insider Activity

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction dated Wednesday, September 18th. The shares were 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. This trade 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 firm’s stock in a transaction dated 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 owns 36,964 shares of the company’s stock, valued at $3,696,400. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction dated 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 in the company, valued at $3,332,800. This represents a 0.00 % 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

A number of large 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 acquired a new stake in shares of SouthState in the third quarter valued at approximately $35,000. UMB Bank n.a. increased its stake in shares of 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 purchasing an additional 192 shares during the period. GAMMA Investing LLC increased 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 purchasing an additional 333 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of SouthState in the second quarter valued at approximately $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.