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

Shares of SouthState Co. (NASDAQ:SSB - Get Free Report) have received a consensus rating of "Hold" from the nine analysts that are covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $105.11.

A number of research firms recently weighed in on SSB. Citigroup assumed coverage on shares of SouthState in a research report on Thursday, October 10th. They issued a "neutral" rating and a $102.00 price objective on the stock. Hovde Group lowered SouthState from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Stephens increased their target price on SouthState from $101.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 29th. Piper Sandler lifted their price target on SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. Finally, Truist Financial cut 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.

Insider Activity

In related news, 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 value of $500,000.00. Following the completion of the transaction, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 11.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the sale, the insider now owns 33,328 shares of the company's stock, valued at $3,332,800. This trade represents a 6.98 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.70% of the company's stock.

Institutional Trading of SouthState

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in SouthState by 6.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,792 shares of the bank's stock worth $4,234,000 after purchasing an additional 2,899 shares in the last quarter. GAMMA Investing LLC increased its position in shares of SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank's stock worth $47,000 after acquiring an additional 333 shares in the last quarter. NBC Securities Inc. raised its stake in shares of SouthState by 1.6% in the 2nd quarter. NBC Securities Inc. now owns 96,194 shares of the bank's stock valued at $7,351,000 after acquiring an additional 1,529 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of SouthState by 234.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank's stock valued at $2,003,000 after acquiring an additional 18,374 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC increased its holdings in SouthState by 8.3% in the 2nd quarter. Hunter Perkins Capital Management LLC now owns 32,420 shares of the bank's stock valued at $2,478,000 after purchasing an additional 2,490 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Stock Performance

Shares of NASDAQ:SSB traded up $0.43 on Tuesday, reaching $109.78. The company's stock had a trading volume of 539,950 shares, compared to its average volume of 489,902. SouthState has a 52-week low of $70.68 and a 52-week high of $114.26. The stock has a market capitalization of $8.38 billion, a P/E ratio of 16.94 and a beta of 0.69. The stock's 50-day moving average is $101.90 and its two-hundred day moving average is $91.46. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91.

SouthState (NASDAQ:SSB - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating the consensus estimate of $1.64 by $0.26. The firm had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm's revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.62 EPS. As a group, sell-side analysts forecast that SouthState will post 6.94 EPS for the current year.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.97%. The ex-dividend date was Friday, November 8th. SouthState's payout ratio is 33.33%.

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.