SouthState (NASDAQ:SSB) Given New $111.00 Price Target at Truist Financial

SouthState (NASDAQ:SSB) had its price objective lifted by Truist Financial from $109.00 to $111.00 in a research note released on Friday, Benzinga reports. The firm currently has a hold rating on the bank’s stock.

A number of other research analysts also recently issued reports on the stock. Keefe, Bruyette & Woods upped their target price on shares of SouthState from $95.00 to $110.00 and gave the company an outperform rating in a research report on Monday, July 29th. DA Davidson upped their price target on SouthState from $102.00 to $112.00 and gave the company a buy rating in a research note on Friday, July 26th. Stephens upped their price target on SouthState from $88.00 to $101.00 and gave the company an equal weight rating in a research note on Monday, July 29th. Piper Sandler boosted their price objective on SouthState from $95.00 to $98.00 and gave the company an overweight rating in a research report on Wednesday, May 29th. Finally, Hovde Group increased their price objective on shares of SouthState from $97.00 to $112.00 and gave the stock an outperform rating in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $103.00.

SouthState Stock Down 0.0 %

Shares of NASDAQ SSB opened at $98.77 on Friday. The firm’s 50-day simple moving average is $93.68 and its 200 day simple moving average is $83.74. The company has a market cap of $7.53 billion, a price-to-earnings ratio of 16.11 and a beta of 0.67. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState has a 12-month low of $63.36 and a 12-month high of $102.82.

SouthState (NASDAQ:SSB) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.25. The business had revenue of $425.48 million for the quarter, compared to the consensus estimate of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.63 EPS. On average, research analysts expect that SouthState will post 6.7 earnings per share for the current fiscal year.

SouthState Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were given a dividend of $0.54 per share. This is a positive change from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a yield of 2.19%. The ex-dividend date was Friday, August 9th. SouthState’s dividend payout ratio is 35.24%.

Insider Transactions at SouthState

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SSB. Norges Bank acquired a new position in SouthState during the fourth quarter valued at approximately $75,485,000. Dimensional Fund Advisors LP increased its stake in shares of SouthState by 12.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock valued at $254,394,000 after buying an additional 371,987 shares during the period. Jupiter Asset Management Ltd. grew its holdings in SouthState by 270.2% during the 1st quarter. Jupiter Asset Management Ltd. now owns 353,700 shares of the bank’s stock worth $30,075,000 after acquiring an additional 258,168 shares during the last quarter. Capital World Investors lifted its holdings in shares of SouthState by 31.8% during the fourth quarter. Capital World Investors now owns 620,510 shares of the bank’s stock worth $52,402,000 after purchasing an additional 149,745 shares during the period. Finally, Capital International Investors increased its holdings in SouthState by 24.2% in the fourth quarter. Capital International Investors now owns 596,520 shares of the bank’s stock valued at $50,376,000 after purchasing an additional 116,313 shares during the period. Institutional investors and hedge funds 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.