SouthState Co. (NASDAQ:SSB) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of SouthState Co. (NASDAQ:SSB) have been assigned an average recommendation of “Moderate Buy” from the eight research firms that are presently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $103.00.

Several equities research analysts recently weighed in on the company. DA Davidson upped their target price on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods upped their price objective on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Truist Financial lifted their target price on shares of SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a report on Friday. Hovde Group upped their price target on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Finally, Stephens lifted their price objective on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th.

Insider Activity at SouthState

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now directly owns 33,328 shares of the company’s stock, valued at $3,332,800. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

Institutional Trading of SouthState

A number of large investors have recently bought and sold shares of the stock. Parallel Advisors LLC increased its holdings in shares of SouthState by 544.0% during the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after buying an additional 272 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in SouthState in the first quarter worth $30,000. TFO Wealth Partners LLC grew its holdings in shares of SouthState by 13,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after purchasing an additional 402 shares during the last quarter. 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 buying an additional 333 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of SouthState in the second quarter valued at $97,000. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Performance

Shares of SSB opened at $98.77 on Thursday. The firm has a market cap of $7.53 billion, a price-to-earnings ratio of 16.11 and a beta of 0.67. The company’s fifty day moving average is $93.68 and its 200-day moving average is $83.74. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState has a 12 month low of $63.36 and a 12 month high of $102.82.

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

SouthState Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, August 9th. This is an increase from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 dividend on an annualized basis and a yield of 2.19%. SouthState’s dividend payout ratio (DPR) is 35.24%.

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.