SouthState (NASDAQ:SSB) Sees Strong Trading Volume

SouthState Co. (NASDAQ:SSB) saw unusually-high trading volume on Monday . Approximately 234,019 shares changed hands during mid-day trading, a decline of 42% from the previous session’s volume of 404,777 shares.The stock last traded at $79.55 and had previously closed at $80.85.

Analyst Ratings Changes

SSB has been the subject of several research analyst reports. Truist Financial lowered their price objective on shares of SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a report on Monday, April 29th. UBS Group lifted their target price on shares of SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, January 29th. DA Davidson reiterated a “buy” rating and set a $102.00 target price (up from $96.00) on shares of SouthState in a report on Monday, January 29th. Piper Sandler lowered their target price on shares of SouthState from $98.00 to $95.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Finally, Raymond James upgraded shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 target price for the company in a report on Tuesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $89.83.

SouthState Stock Down 0.2 %

The company has a market cap of $6.05 billion, a P/E ratio of 12.29 and a beta of 0.75. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.90 and a quick ratio of 0.89. The company’s 50-day moving average is $80.14 and its two-hundred day moving average is $80.51.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.03. The company had revenue of $415.49 million during 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 quarterly revenue was down 8.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.93 earnings per share. As a group, equities analysts predict that SouthState Co. will post 6.37 earnings per share for the current fiscal year.

SouthState Announces Dividend

The company 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 dividend yield of 2.62%. The ex-dividend date of this dividend was Thursday, May 9th. SouthState’s dividend payout ratio (DPR) is currently 33.93%.

Insider Activity at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction that occurred 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 approximately $2,902,068. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other SouthState news, President Richard Iv Murray sold 4,900 shares of SouthState stock in a transaction that occurred on Wednesday, March 20th. The shares were 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Daniel E. Bockhorst sold 3,000 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the sale, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.

Institutional Investors Weigh In On SouthState

Hedge funds have recently modified their holdings of the business. Parallel Advisors LLC grew its position in shares of SouthState by 544.0% during the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after acquiring an additional 272 shares during the period. Fidelis Capital Partners LLC bought a new stake in shares of SouthState during the 1st quarter valued at $30,000. TFO Wealth Partners LLC grew its position in shares of SouthState by 13,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after acquiring an additional 402 shares during the period. Covestor Ltd grew its position in shares of SouthState by 50.5% during the 3rd quarter. Covestor Ltd now owns 638 shares of the bank’s stock valued at $43,000 after acquiring an additional 214 shares during the period. Finally, International Assets Investment Management LLC grew its position in shares of SouthState by 8,346.7% during the 4th quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock valued at $107,000 after acquiring an additional 1,252 shares during the period. 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.