SouthState Co. (NASDAQ:SSB - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the nine research firms that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $115.44.
SSB has been the subject of several analyst reports. UBS Group initiated coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a "buy" rating and a $132.00 target price for the company. Citigroup raised shares of SouthState from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Stephens restated an "overweight" rating and set a $130.00 target price on shares of SouthState in a research report on Friday, March 7th. Finally, Hovde Group downgraded SouthState from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th.
Read Our Latest Analysis on SSB
SouthState Trading Down 1.0 %
Shares of SouthState stock traded down $0.88 on Thursday, reaching $89.41. The company had a trading volume of 493,640 shares, compared to its average volume of 546,057. The firm's 50-day moving average price is $99.95 and its two-hundred day moving average price is $100.74. SouthState has a 1 year low of $70.68 and a 1 year high of $114.27. The firm has a market cap of $9.06 billion, a price-to-earnings ratio of 12.85 and a beta of 0.68. 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 Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 annualized dividend and a yield of 2.42%. SouthState's payout ratio is currently 31.03%.
Insider Transactions at SouthState
In related news, CFO William E. V. Matthews sold 6,531 shares of the stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total transaction of $707,241.99. Following the sale, the chief financial officer now directly owns 34,107 shares of the company's stock, valued at approximately $3,693,447.03. This represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Janet P. Froetscher bought 2,717 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were acquired at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the transaction, the director now directly owns 4,689 shares in the company, valued at approximately $431,481.78. This represents a 137.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.26% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Summit Securities Group LLC acquired a new stake in SouthState in the 4th quarter valued at about $38,000. Aquatic Capital Management LLC purchased a new position in SouthState during the 4th quarter valued at about $45,000. Quadrant Capital Group LLC raised its stake in SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after purchasing an additional 99 shares during the last quarter. Headlands Technologies LLC acquired a new stake in SouthState in the 4th quarter worth about $102,000. Finally, Blue Trust Inc. grew its position in SouthState by 16.8% during the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock valued at $113,000 after acquiring an additional 167 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.
About SouthState
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Get Free ReportSouthState 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.
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