SouthState Co. (NASDAQ:SSB) Receives $118.40 Consensus PT from Brokerages

Shares of SouthState Co. (NASDAQ:SSB - Get Free Report) have been given a consensus rating of "Moderate Buy" by the ten ratings firms that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $117.90.

Several analysts have issued reports on the stock. Stephens reiterated an "overweight" rating and issued a $130.00 target price on shares of SouthState in a research note on Friday, March 7th. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Barclays reduced their target price on SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Tuesday. UBS Group initiated coverage on SouthState in a report on Tuesday, December 17th. They issued a "buy" rating and a $132.00 price target on the stock. Finally, Raymond James raised SouthState from an "outperform" rating to a "strong-buy" rating and cut their price objective for the stock from $120.00 to $115.00 in a report on Wednesday, April 2nd.

SouthState Price Performance

Shares of SSB traded down $0.17 during midday trading on Monday, hitting $81.38. 743,468 shares of the company traded hands, compared to its average volume of 615,701. The stock has a 50-day moving average of $94.71 and a 200-day moving average of $99.55. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. SouthState has a one year low of $70.68 and a one year high of $114.27. The firm has a market cap of $8.25 billion, a P/E ratio of 11.69 and a beta of 0.65.

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SouthState Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were given a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a yield of 2.65%. SouthState's payout ratio is 31.03%.

Insiders Place Their Bets

In other SouthState 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 completion of the sale, the chief financial officer now directly 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Sara Arana sold 1,991 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $100.78, for a total transaction of $200,652.98. Following the sale, the chief accounting officer now owns 4,787 shares of the company's stock, valued at approximately $482,433.86. The trade was a 29.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.

Hedge Funds Weigh In On SouthState

Large investors have recently bought and sold shares of the stock. Stifel Financial Corp grew its holdings in shares of SouthState by 10.5% in the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank's stock worth $6,178,000 after purchasing an additional 6,062 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in SouthState by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank's stock worth $39,736,000 after acquiring an additional 9,863 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in SouthState in the 4th quarter worth $1,008,000. HighTower Advisors LLC increased its position in shares of SouthState by 7.6% in the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank's stock valued at $1,083,000 after acquiring an additional 787 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in shares of SouthState during the third quarter valued at about $265,000. 89.76% of the stock is owned by hedge funds and other 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.