SouthState Co. (NASDAQ:SSB) Receives $115.44 Consensus Target Price from Brokerages

Shares of SouthState Co. (NASDAQ:SSB - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the nine ratings firms that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $115.44.

SSB has been the topic of a number of research reports. Piper Sandler upped their price objective on SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Hovde Group downgraded shares of SouthState from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $120.00 target price (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Truist Financial reduced their price target on shares of SouthState from $111.00 to $103.00 and set a "hold" rating on the stock in a research report on Monday, October 28th. Finally, Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $106.00 to $128.00 in a research report on Monday, January 27th.

SouthState Stock Performance

SSB stock traded down $0.59 during mid-day trading on Friday, hitting $102.60. 257,296 shares of the company were exchanged, compared to its average volume of 886,506. SouthState has a 1-year low of $70.68 and a 1-year high of $114.26. The stock has a market capitalization of $7.83 billion, a PE ratio of 14.74 and a beta of 0.70. The business has a 50 day simple moving average of $102.03 and a 200-day simple moving average of $99.96. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were issued a dividend of $0.54 per share. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.11%. SouthState's dividend payout ratio (DPR) is presently 31.03%.

Insider Activity

In related news, CFO William E. V. Matthews sold 6,531 shares of the firm's stock in a transaction that occurred 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 transaction, the chief financial officer now owns 34,107 shares in the company, valued at $3,693,447.03. This trade represents a 16.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SouthState

Several large investors have recently modified their holdings of SSB. BIP Wealth LLC grew its stake in shares of SouthState by 605.2% in the third quarter. BIP Wealth LLC now owns 31,422 shares of the bank's stock worth $3,054,000 after purchasing an additional 26,966 shares during the last quarter. Stifel Financial Corp grew its position in shares of SouthState by 10.5% in the 3rd quarter. Stifel Financial Corp now owns 63,573 shares of the bank's stock valued at $6,178,000 after buying an additional 6,062 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of SouthState by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank's stock valued at $39,736,000 after buying an additional 9,863 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of SouthState by 3.7% in the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank's stock valued at $69,178,000 after buying an additional 25,495 shares during the period. Finally, FNY Investment Advisers LLC bought a new position in shares of SouthState during the fourth quarter worth about $1,008,000. Institutional investors own 89.76% of the company's stock.

About SouthState

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.