Piper Sandler Trims SouthState (NASDAQ:SSB) Target Price to $95.00

SouthState (NASDAQ:SSB) had its price target reduced by Piper Sandler from $98.00 to $95.00 in a research report sent to investors on Monday, Benzinga reports. They currently have an overweight rating on the bank’s stock.

Several other research analysts have also recently weighed in on the company. Truist Financial cut their price objective on SouthState from $89.00 to $84.00 and set a hold rating on the stock in a research report on Monday. DA Davidson restated a buy rating and issued a $102.00 target price (up from $96.00) on shares of SouthState in a research note on Monday, January 29th. Raymond James lowered SouthState from an outperform rating to a market perform rating in a research note on Friday, January 5th. Finally, UBS Group boosted their target price on SouthState from $88.00 to $90.00 and gave the company a neutral rating in a research note on Monday, January 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, SouthState currently has an average rating of Hold and an average price target of $88.17.

SouthState Stock Up 2.0 %

Shares of NASDAQ:SSB opened at $77.20 on Monday. The business’s 50 day moving average is $80.95 and its 200 day moving average is $79.14. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.07. SouthState has a 12-month low of $59.51 and a 12-month high of $87.77. The stock has a market cap of $5.89 billion, a price-to-earnings ratio of 12.59 and a beta of 0.74.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.03. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The business had revenue of $415.49 million for the quarter, compared to analysts’ expectations of $414.32 million. During the same quarter in the previous year, the firm earned $1.93 earnings per share. The business’s revenue was down 8.2% on a year-over-year basis. On average, sell-side analysts forecast that SouthState will post 6.37 earnings per share for the current fiscal year.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.69%. SouthState’s payout ratio is 33.93%.

Insider Activity at SouthState

In other SouthState news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the sale, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares in the company, valued at approximately $2,902,068. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Richard Iv Murray sold 4,900 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the sale, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Janney Montgomery Scott LLC lifted its stake in shares of SouthState by 107.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 19,006 shares of the bank’s stock valued at $1,616,000 after purchasing an additional 9,843 shares during the period. BNP Paribas Financial Markets raised its stake in SouthState by 82.5% during the first quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock valued at $3,601,000 after buying an additional 19,138 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in SouthState during the first quarter valued at $266,000. J.W. Cole Advisors Inc. purchased a new position in SouthState during the first quarter valued at $418,000. Finally, Van ECK Associates Corp raised its stake in SouthState by 36.5% during the first quarter. Van ECK Associates Corp now owns 26,757 shares of the bank’s stock valued at $2,275,000 after buying an additional 7,156 shares during the last quarter. Hedge funds and other institutional investors 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.