Brokerages Set SouthState Co. (NASDAQ:SSB) Target Price at $88.17

Shares of SouthState Co. (NASDAQ:SSB) have been assigned an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $89.83.

A number of research analysts have weighed in on SSB shares. DA Davidson reiterated a “buy” rating and set a $102.00 target price (up previously from $96.00) on shares of SouthState in a report on Monday, January 29th. UBS Group upped their price target on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. Raymond James upgraded SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target on the stock in a research note on Tuesday. Piper Sandler cut their price target on SouthState from $98.00 to $95.00 and set an “overweight” rating on the stock in a research note on Monday, April 29th. Finally, Truist Financial cut their price target on SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a research note on Monday, April 29th.

SouthState Trading Down 2.4 %

NASDAQ SSB opened at $76.36 on Friday. SouthState has a 1-year low of $62.09 and a 1-year high of $87.77. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.05. The stock has a 50-day moving average of $79.98 and a 200-day moving average of $80.47. The firm has a market cap of $5.82 billion, a PE ratio of 12.46 and a beta of 0.75.

SouthState (NASDAQ:SSB) last released its earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The company had revenue of $415.49 million during the quarter, compared to analyst estimates of $414.32 million. During the same quarter in the previous year, the company posted $1.93 EPS. SouthState’s revenue for the quarter was down 8.2% on a year-over-year basis. As a group, sell-side analysts forecast that SouthState will post 6.33 EPS for the current year.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 10th were issued a dividend of $0.52 per share. The ex-dividend date was Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 2.72%. SouthState’s payout ratio is 33.93%.

Insider Transactions at SouthState

In other news, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction 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 directly owns 58,968 shares in the company, valued at approximately $4,826,530.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction on Wednesday, March 20th. The stock was 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 in the company, valued at approximately $2,902,068. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 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. 1.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SouthState

A number of institutional investors have recently bought and sold shares of the business. Hancock Whitney Corp purchased a new stake in SouthState in the 1st quarter worth $564,000. Price T Rowe Associates Inc. MD increased its stake in SouthState by 6.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,792 shares of the bank’s stock worth $4,234,000 after buying an additional 2,899 shares in the last quarter. Gamco Investors INC. ET AL grew its position in shares of SouthState by 2.8% during 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 in the last quarter. CANADA LIFE ASSURANCE Co grew its position in shares of SouthState by 1.4% during 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 in the last quarter. Finally, Bessemer Group Inc. grew its position in shares of SouthState by 7.1% during 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 in the last quarter. Hedge funds and other institutional investors 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.