SouthState Co. (NASDAQ:SSB) Given Consensus Recommendation of “Moderate Buy” by Brokerages

SouthState Co. (NASDAQ:SSB) has been given an average rating of “Moderate Buy” by the nine research firms that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $115.44.

Several analysts recently issued reports on SSB shares. Stephens reaffirmed an “overweight” rating and set a $130.00 price objective on shares of SouthState in a research note on Friday, January 24th. UBS Group started coverage on shares of SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 price objective for the company. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and upped their price objective for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Finally, Hovde Group cut shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th.

SouthState Stock Down 2.1 %

Shares of NASDAQ SSB opened at $99.19 on Friday. SouthState has a 12-month low of $70.68 and a 12-month high of $114.26. The stock has a market cap of $7.57 billion, a PE ratio of 14.25 and a beta of 0.70. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average of $101.46 and a 200 day moving average of $100.23.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were issued a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.18%. SouthState’s dividend payout ratio is currently 31.03%.

Insider Transactions at SouthState

In other news, CFO William E. V. Matthews sold 6,531 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the transaction, the chief financial officer now directly owns 34,107 shares in the company, valued at approximately $3,693,447.03. This represents a 16.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.26% of the company’s stock.

Hedge Funds Weigh In On SouthState

Large investors have recently made changes to their positions in the stock. Waldron Private Wealth LLC acquired a new position in shares of SouthState in the 3rd quarter worth approximately $35,000. Summit Securities Group LLC acquired a new stake in SouthState during the 4th quarter worth approximately $38,000. Aquatic Capital Management LLC acquired a new stake in SouthState during the 4th quarter worth approximately $45,000. Quadrant Capital Group LLC lifted its holdings in SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock worth $51,000 after buying an additional 99 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in SouthState during the 4th quarter worth approximately $102,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.