SouthState (NASDAQ:SSB) Now Covered by Analysts at Barclays

Barclays started coverage on shares of SouthState (NASDAQ:SSB - Free Report) in a research note issued to investors on Tuesday morning, Marketbeat reports. The brokerage issued an overweight rating and a $120.00 target price on the bank's stock.

A number of other research analysts have also recently commented on the company. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and raised their target price for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Stephens reiterated an "overweight" rating and issued a $130.00 price target on shares of SouthState in a research note on Friday, March 7th. Finally, UBS Group started coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a "buy" rating and a $132.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, SouthState has an average rating of "Moderate Buy" and an average price target of $118.40.

SouthState Trading Down 3.7 %

SSB stock traded down $3.17 during trading on Tuesday, reaching $81.47. The company had a trading volume of 1,086,621 shares, compared to its average volume of 601,227. 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 has a 52 week low of $70.68 and a 52 week high of $114.27. The business has a 50 day moving average of $97.93 and a 200 day moving average of $100.31. The company has a market cap of $8.26 billion, a P/E ratio of 11.70 and a beta of 0.68.

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 paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.65%. SouthState's dividend payout ratio is presently 31.03%.

Insiders Place Their Bets

In other SouthState news, Director Janet P. Froetscher bought 2,717 shares of SouthState stock in a transaction on Monday, March 10th. The stock was acquired at an average cost of $92.02 per share, with a total value of $250,018.34. Following the completion of the acquisition, the director now 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 purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO William E. V. Matthews sold 6,531 shares of the business's 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. The trade was a 16.07 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SSB. Versant Capital Management Inc increased its holdings in SouthState by 577.4% in the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock worth $53,000 after acquiring an additional 485 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in shares of SouthState by 181.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock worth $54,000 after purchasing an additional 378 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of SouthState by 48.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,314 shares of the bank's stock valued at $2,916,000 after purchasing an additional 9,594 shares during the period. Forum Financial Management LP purchased a new position in shares of SouthState during the 4th quarter valued at $260,000. Finally, GTS Securities LLC bought a new position in SouthState in the 4th quarter worth $594,000. Institutional investors own 89.76% of the company's stock.

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.