SouthState’s (SSB) “Outperform” Rating Reaffirmed at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their outperform rating on shares of SouthState (NASDAQ:SSB) in a research report released on Thursday morning,Benzinga reports. The firm currently has a $120.00 price objective on the bank’s stock, up from their previous price objective of $115.00.

SSB has been the subject of several other reports. Hovde Group increased their price target on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Piper Sandler boosted their target price on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Stephens boosted their price objective on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Citigroup started coverage on SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target on the stock. Finally, DA Davidson lifted their price target on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, July 26th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, SouthState currently has an average rating of “Moderate Buy” and a consensus target price of $105.11.

SouthState Stock Up 0.6 %

SouthState stock traded up $0.69 during mid-day trading on Thursday, hitting $108.39. The company had a trading volume of 423,332 shares, compared to its average volume of 485,357. The business has a fifty day moving average of $97.48 and a 200 day moving average of $87.66. SouthState has a 1 year low of $67.72 and a 1 year high of $111.99. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of 16.62 and a beta of 0.66.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.26. The business had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The business’s quarterly revenue was down .4% on a year-over-year basis. During the same period in the previous year, the business earned $1.62 EPS. On average, sell-side analysts expect that SouthState will post 6.92 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 8th will be paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend is Friday, November 8th. SouthState’s dividend payout ratio is presently 33.33%.

Insider Transactions at SouthState

In related news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other 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 transaction 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed 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 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 transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Waldron Private Wealth LLC acquired a new stake in shares of SouthState in the 3rd quarter valued at approximately $35,000. GAMMA Investing LLC grew its holdings in shares of SouthState by 120.7% in the 2nd 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 period. UMB Bank n.a. raised its stake in SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after buying an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in SouthState in the second quarter valued at about $97,000. Finally, Innealta Capital LLC bought a new stake in shares of SouthState in the second quarter worth about $133,000. Institutional investors 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.