SouthState (NASDAQ:SSB) Upgraded at Citigroup

Citigroup upgraded shares of SouthState (NASDAQ:SSB) from a neutral rating to a buy rating in a research note released on Monday, MarketBeat.com reports. They currently have $128.00 price objective on the bank’s stock, up from their prior price objective of $106.00.

Several other equities analysts have also commented on the stock. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Stephens restated an “overweight” rating and set a $130.00 price objective on shares of SouthState in a research report on Friday, January 24th. Piper Sandler upped their target price on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Finally, Truist Financial dropped their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $115.44.

SouthState Stock Performance

NASDAQ:SSB opened at $106.68 on Monday. The company has a market cap of $8.14 billion, a price-to-earnings ratio of 16.46 and a beta of 0.70. SouthState has a fifty-two week low of $70.68 and a fifty-two week high of $114.26. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a fifty day moving average price of $103.43 and a 200-day moving average price of $98.90.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, February 7th will be given a $0.54 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $2.16 annualized dividend and a yield of 2.02%. SouthState’s dividend payout ratio is presently 33.33%.

Insider Transactions at SouthState

In related news, CFO William E. V. Matthews sold 6,531 shares of the business’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the sale, the chief financial officer now owns 34,107 shares of the company’s stock, valued at $3,693,447.03. The trade was a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On SouthState

A number of institutional investors have recently made changes to their positions in SSB. Van ECK Associates Corp lifted its stake in shares of SouthState by 34.1% in the fourth quarter. Van ECK Associates Corp now owns 58,540 shares of the bank’s stock worth $5,824,000 after acquiring an additional 14,894 shares during the period. Louisiana State Employees Retirement System lifted its position in shares of SouthState by 0.5% in the 4th quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank’s stock worth $2,109,000 after purchasing an additional 100 shares during the period. Stonebridge Financial Group LLC bought a new stake in shares of SouthState in the 4th quarter valued at $137,000. Empowered Funds LLC acquired a new stake in shares of SouthState during the fourth quarter worth $3,769,000. Finally, Caprock Group LLC raised its stake in SouthState by 5.8% during the fourth quarter. Caprock Group LLC now owns 2,567 shares of the bank’s stock worth $255,000 after buying an additional 140 shares during 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.