SouthState Co. (NASDAQ:SSB) Insider Sells $250,000.00 in Stock

SouthState Co. (NASDAQ:SSB) insider Daniel E. Bockhorst sold 2,500 shares of the firm’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 transaction of $250,000.00. Following the completion of the sale, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

SouthState Stock Down 2.8 %

Shares of NASDAQ SSB opened at $98.78 on Friday. SouthState Co. has a 52-week low of $63.36 and a 52-week high of $102.82. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. The company’s 50 day moving average price is $93.43 and its 200-day moving average price is $83.65. The company has a market capitalization of $7.53 billion, a P/E ratio of 16.11 and a beta of 0.67.

SouthState (NASDAQ:SSB) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. The business had revenue of $425.48 million for the quarter, compared to analysts’ expectations of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.63 earnings per share. Equities analysts forecast that SouthState Co. will post 6.7 earnings per share for the current year.

SouthState Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.19%. This is a boost from SouthState’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, August 9th. SouthState’s dividend payout ratio is presently 35.24%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SSB shares. DA Davidson raised their price objective on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods boosted their price target on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Truist Financial raised their price objective on shares of SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a report on Friday. Piper Sandler lifted their target price on shares of SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 29th. Finally, Stephens upped their price target on shares of SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $103.00.

Institutional Trading of SouthState

Several large investors have recently modified their holdings of SSB. Point72 Asia Singapore Pte. Ltd. acquired a new stake in SouthState in the second quarter worth $97,000. Dana Investment Advisors Inc. grew its stake in shares of SouthState by 14.6% in the 2nd quarter. Dana Investment Advisors Inc. now owns 19,869 shares of the bank’s stock valued at $1,518,000 after buying an additional 2,533 shares during the period. William B. Walkup & Associates Inc. acquired a new position in SouthState during the 2nd quarter worth approximately $151,000. Creative Planning boosted its holdings in SouthState by 18.3% in the second quarter. Creative Planning now owns 14,365 shares of the bank’s stock worth $1,098,000 after acquiring an additional 2,225 shares in the last quarter. Finally, Algert Global LLC acquired a new stake in SouthState in the second quarter valued at approximately $587,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Company Profile

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.