SouthState Co. (NASDAQ:SSB) Receives $105.11 Consensus Target Price from Analysts

Shares of SouthState Co. (NASDAQ:SSB - Get Free Report) have received an average recommendation of "Moderate Buy" from the nine ratings firms that are covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $105.11.

A number of research firms recently issued reports on SSB. Hovde Group boosted their target price on shares of SouthState from $97.00 to $112.00 and gave the company an "outperform" rating in a research report on Monday, July 29th. Citigroup began coverage on SouthState in a report on Thursday, October 10th. They issued a "neutral" rating and a $102.00 price objective for the company. Piper Sandler raised their target price on SouthState from $110.00 to $112.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. DA Davidson upped their price objective 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 reaffirmed an "outperform" rating and set a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research note on Thursday.

Insider Buying and Selling at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the business'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 transaction of $250,000.00. Following the completion of the sale, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the firm's stock in a transaction 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 transaction, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the company's stock in a transaction on 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 directly owns 36,964 shares of the company's stock, valued at $3,696,400. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.26% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SSB. Dimensional Fund Advisors LP boosted its holdings in SouthState by 12.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank's stock valued at $254,394,000 after purchasing an additional 371,987 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in SouthState by 1.6% in the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank's stock valued at $214,157,000 after acquiring an additional 45,176 shares during the last quarter. American Century Companies Inc. grew its position in SouthState by 2.4% in the second quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank's stock worth $128,831,000 after acquiring an additional 39,492 shares during the period. Earnest Partners LLC increased its position in shares of SouthState by 2.8% during the 2nd quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank's stock worth $114,197,000 after purchasing an additional 40,879 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in SouthState by 1.9% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,144,513 shares of the bank's stock worth $87,464,000 after buying an additional 21,160 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Stock Performance

SouthState stock traded up $1.21 during trading hours on Friday, hitting $108.38. 423,361 shares of the stock traded hands, compared to its average volume of 485,357. SouthState has a 1 year low of $67.72 and a 1 year high of $111.99. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of 16.62 and a beta of 0.66. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.90. The firm's 50 day moving average price is $97.48 and its 200-day moving average price is $87.66.

SouthState (NASDAQ:SSB - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating 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 firm had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same quarter in the prior year, the firm earned $1.62 earnings per share. SouthState's revenue for the quarter was down .4% on a year-over-year basis. As a group, equities analysts expect that SouthState will post 6.92 EPS for the current fiscal year.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend is Friday, November 8th. SouthState's payout ratio is presently 33.33%.

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.