SouthState (NASDAQ:SSB) Price Target Raised to $111.00

SouthState (NASDAQ:SSB) had its price objective upped by Truist Financial from $109.00 to $111.00 in a research note issued to investors on Friday, Benzinga reports. Truist Financial currently has a hold rating on the bank’s stock.

SSB has been the subject of a number of other reports. Piper Sandler lifted their price objective on shares of SouthState from $95.00 to $98.00 and gave the company an overweight rating in a report on Wednesday, May 29th. Hovde Group lifted their price target on SouthState from $97.00 to $112.00 and gave the company an outperform rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods increased their price objective on SouthState from $95.00 to $110.00 and gave the stock an outperform rating in a research note on Monday, July 29th. DA Davidson raised their target price on SouthState from $102.00 to $112.00 and gave the company a buy rating in a report on Friday, July 26th. Finally, Stephens raised their price objective on SouthState from $88.00 to $101.00 and gave the company an equal weight rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $103.00.

SouthState Stock Down 0.0 %

SouthState stock opened at $98.77 on Friday. 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 company has a market capitalization of $7.53 billion, a PE ratio of 16.11 and a beta of 0.67. The firm’s fifty day moving average is $93.68 and its 200 day moving average is $83.74. SouthState has a 12-month low of $63.36 and a 12-month high of $102.82.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The firm had revenue of $425.48 million during the quarter, compared to analysts’ expectations of $418.08 million. During the same quarter last year, the firm posted $1.63 earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, sell-side analysts predict 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. Shareholders of record on Friday, August 9th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a dividend yield of 2.19%. SouthState’s payout ratio is presently 35.24%.

Insider Buying and Selling at SouthState

In related news, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of SouthState 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 completion of the transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 in the company, valued at $3,332,800. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SSB. Parallel Advisors LLC raised its position in shares of SouthState by 544.0% in 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 purchased a new stake in shares of SouthState in the 1st quarter valued at about $30,000. TFO Wealth Partners LLC boosted its position in shares of SouthState by 13,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after acquiring an additional 402 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after purchasing an additional 333 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of SouthState in the second quarter worth approximately $97,000. 89.76% of the stock is owned by institutional investors.

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.