Brokerages Set SouthState Co. (NASDAQ:SSB) Price Target at $105.11

Shares of SouthState Co. (NASDAQ:SSB) have received a consensus rating of “Hold” from the nine ratings firms that are presently covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $105.11.

Several research analysts recently commented on the company. Truist Financial reduced their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Piper Sandler increased their target price on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 price target (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Stephens increased their price objective on shares of SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Finally, Citigroup started coverage on SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price on the stock.

SouthState Price Performance

Shares of NASDAQ SSB opened at $106.49 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. The firm has a fifty day moving average of $98.68 and a 200 day moving average of $88.67. The firm has a market cap of $8.12 billion, a PE ratio of 16.43 and a beta of 0.66. SouthState has a one year low of $70.68 and a one year high of $113.14.

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

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 8th will be given a $0.54 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 2.03%. SouthState’s dividend payout ratio is currently 33.33%.

Insider Transactions at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the company’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 in the company, valued at $3,332,800. This represents a 6.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 completion of the sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

Hedge Funds Weigh In On SouthState

Hedge funds and other institutional investors have recently bought and sold shares of the company. Nicholas Hoffman & Company LLC. lifted 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 worth $1,472,000 after purchasing an additional 123 shares in the last quarter. Raymond James & Associates lifted its holdings in SouthState by 0.6% during the 2nd quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock worth $1,631,000 after buying an additional 126 shares in the last quarter. Chicago Partners Investment Group LLC boosted its position in SouthState by 7.0% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock valued at $274,000 after buying an additional 186 shares during the period. UMB Bank n.a. grew its stake in shares of SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after acquiring an additional 192 shares in the last quarter. Finally, KBC Group NV increased its position in shares of SouthState by 16.3% during the third quarter. KBC Group NV now owns 2,296 shares of the bank’s stock worth $223,000 after acquiring an additional 321 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

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.