SouthState (NASDAQ:SSB) Price Target Raised to $105.00

SouthState (NASDAQ:SSB) had its price target boosted by Stephens from $101.00 to $105.00 in a research note released on Tuesday morning, Benzinga reports. Stephens currently has an equal weight rating on the bank’s stock.

A number of other analysts have also recently weighed in on SSB. DA Davidson increased their price objective on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Hovde Group boosted their target price on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Citigroup began coverage on SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target on the stock. Truist Financial decreased their target price on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday. Finally, Piper Sandler upped their price target on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $104.00.

SouthState Price Performance

SSB opened at $97.53 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.12. The company’s 50-day moving average price is $96.78 and its 200 day moving average price is $86.72. SouthState has a fifty-two week low of $65.18 and a fifty-two week high of $103.82. The firm has a market cap of $7.44 billion, a price-to-earnings ratio of 14.38 and a beta of 0.67.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The business had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. During the same period in the prior year, the firm earned $1.62 EPS. The business’s quarterly revenue was down .4% on a year-over-year basis. As a group, sell-side analysts expect that SouthState will post 6.85 earnings per share for the current year.

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend is Friday, November 8th. SouthState’s dividend payout ratio is currently 33.33%.

Insider Buying and Selling at SouthState

In other news, CFO William E. V. Matthews sold 5,000 shares of the 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 sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, 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 sale, the insider now directly owns 33,328 shares of the company’s stock, valued at $3,332,800. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the business’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 sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

Institutional Trading of SouthState

A number of institutional investors have recently added to or reduced their stakes in the business. State of Michigan Retirement System lifted its stake in shares of SouthState by 2.7% in the 1st quarter. State of Michigan Retirement System now owns 18,700 shares of the bank’s stock valued at $1,590,000 after purchasing an additional 500 shares during the last quarter. Van ECK Associates Corp lifted its holdings in SouthState by 36.5% in the 1st quarter. Van ECK Associates Corp now owns 26,757 shares of the bank’s stock worth $2,275,000 after purchasing an additional 7,156 shares during the last quarter. J.W. Cole Advisors Inc. bought a new stake in SouthState during the first quarter worth approximately $418,000. Sequoia Financial Advisors LLC acquired a new position in SouthState during the first quarter valued at approximately $266,000. Finally, BNP Paribas Financial Markets raised its position in shares of SouthState by 82.5% in the first quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock valued at $3,601,000 after purchasing an additional 19,138 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.