Brokerages Set SouthState Co. (NASDAQ:SSB) Price Target at $91.00

Shares of SouthState Co. (NASDAQ:SSB) have received an average rating of “Moderate Buy” from the seven analysts that are covering the stock, MarketBeat.com reports. Three equities research 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 brokerages that have covered the stock in the last year is $91.00.

SSB has been the topic of several recent research reports. Keefe, Bruyette & Woods upped their price target on shares of SouthState from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, May 28th. Raymond James raised shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price objective on the stock in a research note on Tuesday, May 21st. Piper Sandler upped their price objective on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. Finally, Truist Financial reduced their price objective on shares of SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a research note on Monday, April 29th.

SouthState Stock Down 1.2 %

SSB stock opened at $71.30 on Tuesday. The company has a market cap of $5.43 billion, a P/E ratio of 11.63 and a beta of 0.71. SouthState has a 52 week low of $63.36 and a 52 week high of $87.77. The company’s 50-day moving average price is $77.75 and its 200 day moving average price is $80.76. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.05.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.03. The firm had revenue of $415.49 million for the quarter, compared to the consensus estimate of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The firm’s revenue was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.93 earnings per share. On average, research analysts expect that SouthState will post 6.34 earnings per share for the current fiscal year.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Friday, May 10th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend was Thursday, May 9th. SouthState’s dividend payout ratio (DPR) is 33.93%.

Insider Buying and Selling

In related news, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the completion of the transaction, the president now owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the sale, the insider now owns 35,828 shares of the company’s stock, valued at $2,902,068. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Richard Iv Murray sold 4,900 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total transaction of $401,065.00. Following the completion of the sale, the president now directly 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. 1.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SouthState

Several large investors have recently made changes to their positions in SSB. Hancock Whitney Corp purchased a new position in shares of SouthState in the first quarter valued at $564,000. Price T Rowe Associates Inc. MD boosted its stake in shares of SouthState by 6.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 49,792 shares of the bank’s stock valued at $4,234,000 after purchasing an additional 2,899 shares during the period. Gamco Investors INC. ET AL boosted its stake in shares of SouthState by 2.8% in the first quarter. Gamco Investors INC. ET AL now owns 53,466 shares of the bank’s stock valued at $4,546,000 after purchasing an additional 1,458 shares during the period. CANADA LIFE ASSURANCE Co boosted its stake in shares of SouthState by 1.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 78,788 shares of the bank’s stock valued at $6,699,000 after purchasing an additional 1,100 shares during the period. Finally, Bessemer Group Inc. boosted its stake in shares of SouthState by 7.1% in the first quarter. Bessemer Group Inc. now owns 159,277 shares of the bank’s stock valued at $13,544,000 after purchasing an additional 10,504 shares during the period. Institutional investors and hedge funds 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.