Hovde Group Downgrades SouthState (NASDAQ:SSB) to Market Perform

Hovde Group downgraded shares of SouthState (NASDAQ:SSB - Free Report) from an outperform rating to a market perform rating in a research note released on Wednesday, MarketBeat Ratings reports.

Other analysts have also recently issued reports about the company. DA Davidson raised their price objective on SouthState from $102.00 to $112.00 and gave the company a "buy" rating in a research report on Friday, July 26th. Truist Financial cut their target price on SouthState from $111.00 to $103.00 and set a "hold" rating for the company in a research report on Monday, October 28th. 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. Stephens boosted their target price on shares of SouthState from $101.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 29th. Finally, Citigroup initiated coverage on shares of SouthState in a research report on Thursday, October 10th. They issued a "neutral" rating and a $102.00 price target on the stock. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, SouthState currently has a consensus rating of "Hold" and an average target price of $105.11.

SouthState Trading Down 1.4 %

NASDAQ SSB traded down $1.52 on Wednesday, reaching $106.85. The company had a trading volume of 579,449 shares, compared to its average volume of 486,620. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. SouthState has a 52 week low of $70.68 and a 52 week high of $113.14. The stock has a market cap of $8.15 billion, a price-to-earnings ratio of 15.61 and a beta of 0.66. The stock's 50 day moving average is $98.23 and its 200-day moving average is $88.41.

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 the consensus estimate of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The firm had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. During the same quarter in the prior year, the firm earned $1.62 earnings per share. The business's quarterly revenue was down .4% on a year-over-year basis. Equities analysts predict that SouthState will post 6.92 earnings per share for the current year.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 2.02%. SouthState's dividend payout ratio (DPR) is presently 33.33%.

Insider Activity at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares in the company, valued at $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Daniel E. Bockhorst sold 2,500 shares of the firm's stock in a transaction that occurred on 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 transaction, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares of the company's stock, valued at approximately $3,696,400. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Nicholas Hoffman & Company LLC. boosted its holdings in shares of SouthState by 0.6% during the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank's stock valued at $1,472,000 after buying an additional 123 shares in the last quarter. Raymond James & Associates grew its holdings in SouthState by 0.6% in the second quarter. Raymond James & Associates now owns 21,343 shares of the bank's stock worth $1,631,000 after purchasing an additional 126 shares during the period. Chicago Partners Investment Group LLC increased its stake in shares of SouthState by 7.0% during the third quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank's stock valued at $274,000 after purchasing an additional 186 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank's stock valued at $53,000 after purchasing an additional 192 shares during the last quarter. Finally, KBC Group NV boosted its position in shares of SouthState by 16.3% in the 3rd quarter. KBC Group NV now owns 2,296 shares of the bank's stock worth $223,000 after purchasing an additional 321 shares in the last quarter. 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.