SouthState (NASDAQ:SSB) Lowered to Market Perform Rating by Hovde Group

Hovde Group lowered shares of SouthState (NASDAQ:SSB) from an outperform rating to a market perform rating in a research report report published on Wednesday morning, Marketbeat Ratings reports.

A number of other equities research analysts have also commented on SSB. Citigroup started coverage on SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target on the stock. Stephens upped their target price on SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Piper Sandler raised their price target on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. DA Davidson upped their price objective on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Truist Financial lowered their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, SouthState presently has a consensus rating of “Hold” and a consensus target price of $105.11.

SouthState Stock Performance

NASDAQ:SSB opened at $106.07 on Wednesday. The stock’s 50-day moving average is $98.93 and its 200-day moving average is $88.96. The stock has a market cap of $8.09 billion, a P/E ratio of 16.37 and a beta of 0.66. SouthState has a 1-year low of $70.68 and a 1-year high of $113.14. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10.

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

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.04%. The ex-dividend date was Friday, November 8th. SouthState’s dividend payout ratio (DPR) is currently 33.33%.

Insider Transactions at SouthState

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 sale, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. The trade was a 11.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. This represents a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On SouthState

A number of institutional investors and hedge funds have recently made changes to their positions in SSB. Waldron Private Wealth LLC purchased a new position in SouthState during the 3rd quarter worth $35,000. GAMMA Investing LLC boosted its holdings in SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after purchasing an additional 333 shares during the last quarter. UMB Bank n.a. increased its stake in SouthState by 53.9% in the 3rd 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. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of SouthState during the 2nd quarter worth approximately $97,000. Finally, Innealta Capital LLC bought a new position in shares of SouthState during the 2nd quarter worth approximately $133,000. 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.