SouthState (NASDAQ:SSB) Coverage Initiated at UBS Group

UBS Group initiated coverage on shares of SouthState (NASDAQ:SSB - Free Report) in a report released on Tuesday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $132.00 price target on the bank's stock.

Several other equities analysts have also recently commented on the stock. Citigroup started coverage on shares of SouthState in a research report on Thursday, October 10th. They set a "neutral" rating and a $102.00 price target on the stock. Hovde Group lowered SouthState from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. Truist Financial dropped their price target on SouthState from $111.00 to $103.00 and set a "hold" rating on the stock in a research report on Monday, October 28th. Stephens raised shares of SouthState from an "equal weight" rating to an "overweight" rating in a report on Monday, December 9th. Finally, Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $120.00 target price (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $109.78.

SouthState Stock Down 1.8 %

SSB traded down $1.97 on Tuesday, reaching $106.47. The company's stock had a trading volume of 530,004 shares, compared to its average volume of 492,003. SouthState has a 1 year low of $70.68 and a 1 year high of $114.26. The business's 50 day moving average is $104.42 and its 200 day moving average is $93.48. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. The stock has a market cap of $8.12 billion, a price-to-earnings ratio of 16.43 and a beta of 0.69.

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

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.03%. The ex-dividend date was Friday, November 8th. SouthState's payout ratio is currently 33.33%.

Insider Activity at SouthState

In other 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 sale, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. This represents a 11.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm's 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 transaction, the insider now directly owns 33,328 shares of the company's stock, valued at $3,332,800. This represents a 6.98 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SouthState

Several large investors have recently modified their holdings of the stock. Waldron Private Wealth LLC acquired a new position in shares of SouthState in the 3rd quarter valued at $35,000. UMB Bank n.a. boosted its holdings in shares of SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank's stock worth $53,000 after buying an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of SouthState in the second quarter worth about $97,000. International Assets Investment Management LLC raised its holdings in shares of SouthState by 9,620.0% during the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank's stock valued at $142,000 after acquiring an additional 1,443 shares during the period. Finally, Innealta Capital LLC acquired a new stake in SouthState during the 2nd quarter valued at $133,000. 89.76% of the stock is owned by institutional investors.

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.