SouthState Co. (NASDAQ:SSB) to Issue $0.52 Quarterly Dividend

SouthState Co. (NASDAQ:SSB) declared a quarterly dividend on Thursday, April 25th, NASDAQ reports. Shareholders of record on Friday, May 10th will be paid a dividend of 0.52 per share by the bank on Friday, May 17th. This represents a $2.08 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend is Thursday, May 9th.

SouthState has raised its dividend by an average of 2.8% annually over the last three years and has increased its dividend every year for the last 12 years.

SouthState Trading Down 1.4 %

SSB traded down $1.07 during midday trading on Friday, hitting $77.89. 466,802 shares of the company were exchanged, compared to its average volume of 417,040. The firm has a market capitalization of $5.94 billion, a P/E ratio of 12.13 and a beta of 0.74. SouthState has a 1-year low of $59.51 and a 1-year high of $87.77. The firm’s 50 day moving average price is $81.55 and its 200-day moving average price is $78.81. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.06.

SouthState (NASDAQ:SSB) last announced its earnings results on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.55 by $0.03. The firm had revenue of $415.49 million for the quarter, compared to the consensus estimate of $414.32 million. SouthState had a return on equity of 9.85% and a net margin of 22.15%. The business’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.93 EPS. As a group, equities analysts forecast that SouthState will post 6.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SSB has been the topic of a number of recent analyst reports. UBS Group boosted their price objective on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, January 29th. DA Davidson reissued a “buy” rating and issued a $102.00 price objective (up from $96.00) on shares of SouthState in a research note on Monday, January 29th. Truist Financial dropped their price objective on SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. Finally, Raymond James downgraded SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $87.80.

Insider Buying and Selling

In related news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Richard Iv Murray sold 4,900 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the sale, the president now directly owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,925 shares of company stock valued at $988,686. 1.26% of the stock is owned by company insiders.

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.