Piper Sandler Boosts SouthState (NASDAQ:SSB) Price Target to $112.00

SouthState (NASDAQ:SSB) had its price objective upped by Piper Sandler from $110.00 to $112.00 in a research note published on Friday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the bank’s stock.

Several other research firms have also issued reports on SSB. DA Davidson lifted their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Citigroup assumed 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. Stephens lifted their price target on shares of SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Truist Financial lifted their price target on shares of SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $104.44.

SouthState Price Performance

Shares of NASDAQ SSB traded down $2.28 during mid-day trading on Friday, reaching $95.78. 491,161 shares of the company traded hands, compared to its average volume of 479,402. SouthState has a fifty-two week low of $64.81 and a fifty-two week high of $103.82. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market cap of $7.30 billion, a PE ratio of 15.62 and a beta of 0.67. The stock has a fifty day simple moving average of $96.35 and a 200-day simple moving average of $86.27.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The business had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same quarter last year, the business earned $1.62 earnings per share. The business’s revenue for the quarter was down .4% on a year-over-year basis. Equities research analysts anticipate that SouthState will post 6.69 EPS for the current fiscal year.

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, November 8th. SouthState’s payout ratio is presently 35.24%.

Insider Activity at SouthState

In related news, CFO William E. V. Matthews sold 5,000 shares of SouthState 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 sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the business’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 transaction, the insider now directly owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. This 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

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Nicholas Hoffman & Company LLC. raised its position in shares of SouthState by 0.6% during the second 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 during the last quarter. Raymond James & Associates raised its position in shares of SouthState by 0.6% during the second quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock valued at $1,631,000 after buying an additional 126 shares during the last quarter. UMB Bank n.a. raised its position 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 buying an additional 192 shares during the last quarter. GAMMA Investing LLC raised its position in shares of SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after buying an additional 333 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its position in shares of SouthState by 3.7% during the second quarter. Brown Brothers Harriman & Co. now owns 9,704 shares of the bank’s stock valued at $742,000 after buying an additional 344 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

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.