Brokerages Set SouthState Co. (NASDAQ:SSB) Price Target at $102.89

Shares of SouthState Co. (NASDAQ:SSB) have been given an average recommendation of “Moderate Buy” by the nine brokerages that are presently covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $102.89.

SSB has been the subject of several research analyst reports. Citigroup initiated coverage on SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective for the company. Stephens boosted their target price on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Hovde Group boosted their target price on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. DA Davidson boosted 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. Finally, Keefe, Bruyette & Woods boosted their target price on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $101.43 on Monday. The business’s 50 day moving average is $95.55 and its 200-day moving average is $85.72. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $7.73 billion, a PE ratio of 16.55 and a beta of 0.67. SouthState has a 1-year low of $63.36 and a 1-year high of $103.82.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, beating the consensus estimate of $1.54 by $0.25. The business 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%. SouthState’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.63 EPS. Sell-side analysts predict that SouthState will post 6.69 earnings per share for the current year.

SouthState Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.13%. The ex-dividend date was Friday, August 9th. This is a positive change from SouthState’s previous quarterly dividend of $0.23. SouthState’s dividend payout ratio is presently 35.24%.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 5,000 shares of the company’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 sale, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 33,328 shares in the company, valued at $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO William E. V. Matthews sold 5,000 shares of the company’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 owns 36,964 shares in the company, valued at $3,696,400. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SouthState

Large investors have recently made changes to their positions in the company. SageView Advisory Group LLC bought a new position in shares of SouthState during the first quarter worth approximately $879,000. BNP Paribas Financial Markets increased its stake in shares of SouthState by 82.5% during the first quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock worth $3,601,000 after purchasing an additional 19,138 shares during the period. Vanguard Group Inc. grew its position in SouthState by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock worth $713,461,000 after buying an additional 54,147 shares in the last quarter. Fifth Third Wealth Advisors LLC acquired a new stake in SouthState during the first quarter worth approximately $2,754,000. Finally, Janney Montgomery Scott LLC grew its position in SouthState by 107.4% during the first quarter. Janney Montgomery Scott LLC now owns 19,006 shares of the bank’s stock worth $1,616,000 after buying an additional 9,843 shares in the last quarter. Institutional investors 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.