Brokerages Set SouthState Co. (NASDAQ:SSB) Target Price at $102.75

SouthState Co. (NASDAQ:SSB) has been given an average rating of “Moderate Buy” by the eight brokerages that are presently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $103.00.

Several brokerages recently weighed in on SSB. Hovde Group increased their price objective on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. DA Davidson raised their price target on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Piper Sandler lifted their price objective on SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 29th. Stephens increased their target price on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods boosted their target price on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th.

Insider Activity at SouthState

In other news, CFO William E. V. Matthews sold 5,000 shares of the 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 sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState 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 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 SEC, which can be accessed through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $3,696,400. The disclosure for this sale can be found here. 1.26% of the stock is owned by insiders.

Institutional Trading of SouthState

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank bought a new position in SouthState in the fourth quarter valued at $75,485,000. Corient Private Wealth LLC raised its holdings in SouthState by 54.3% during the fourth quarter. Corient Private Wealth LLC now owns 11,189 shares of the bank’s stock worth $945,000 after acquiring an additional 3,936 shares in the last quarter. Franklin Resources Inc. boosted its position in SouthState by 26.8% during the fourth quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock valued at $186,485,000 after purchasing an additional 466,144 shares during the last quarter. InterOcean Capital Group LLC bought a new position in SouthState in the fourth quarter valued at approximately $1,082,000. Finally, Prospector Partners LLC increased its position in shares of SouthState by 1.1% during the 4th quarter. Prospector Partners LLC now owns 77,032 shares of the bank’s stock worth $6,505,000 after purchasing an additional 835 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Stock Down 0.0 %

NASDAQ SSB opened at $98.77 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. SouthState has a 52 week low of $63.36 and a 52 week high of $102.82. The stock has a market capitalization of $7.53 billion, a P/E ratio of 16.11 and a beta of 0.67. The stock has a fifty day moving average of $93.68 and a 200-day moving average of $83.74.

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

SouthState Increases Dividend

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

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.