SouthState Co. (NASDAQ:SSB) Receives Consensus Rating of “Hold” from Analysts

SouthState Co. (NASDAQ:SSB) has earned an average recommendation of “Hold” from the five brokerages that are presently covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $87.80.

A number of equities analysts recently commented on the stock. DA Davidson reaffirmed a “buy” rating and issued a $102.00 price objective (up previously from $96.00) on shares of SouthState in a research note on Monday, January 29th. Truist Financial decreased their price objective on shares of SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a research note on Monday, April 1st. UBS Group raised their price objective on shares of SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. Finally, Raymond James lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th.

SouthState Trading Down 1.4 %

Shares of NASDAQ:SSB opened at $77.89 on Monday. The stock has a market capitalization of $5.94 billion, a price-to-earnings ratio of 12.13 and a beta of 0.74. SouthState has a 1-year low of $59.51 and a 1-year high of $87.77. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.88 and a current ratio of 0.89. The company has a 50 day moving average price of $81.55 and a 200 day moving average price of $78.81.

SouthState (NASDAQ:SSB) last issued its earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.03. The firm had revenue of $415.49 million during the quarter, compared to analysts’ expectations of $414.32 million. SouthState had a net margin of 22.15% and a return on equity of 9.85%. The firm’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same period last year, the firm posted $1.93 earnings per share. On average, research analysts anticipate that SouthState will post 6.51 EPS for the current fiscal year.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend is Thursday, May 9th. SouthState’s dividend payout ratio (DPR) is currently 32.20%.

Insider Buying and Selling at SouthState

In other SouthState news, COO Renee R. Brooks sold 4,025 shares of SouthState stock in a transaction on Monday, January 29th. The shares were sold at an average price of $85.62, for a total transaction of $344,620.50. Following the completion of the sale, the chief operating officer now owns 31,747 shares of the company’s stock, valued at approximately $2,718,178.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction 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 transaction, the president now owns 58,968 shares in the company, valued at approximately $4,826,530.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Renee R. Brooks sold 4,025 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $85.62, for a total transaction of $344,620.50. Following the transaction, the chief operating officer now owns 31,747 shares in the company, valued at approximately $2,718,178.14. The disclosure for this sale can be found here. Insiders sold 11,925 shares of company stock valued at $988,686 in the last quarter. Company insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SSB. SG Americas Securities LLC bought a new position in shares of SouthState during the 3rd quarter valued at $1,430,000. Firethorn Wealth Partners LLC raised its holdings in SouthState by 15.4% in the 3rd quarter. Firethorn Wealth Partners LLC now owns 9,218 shares of the bank’s stock worth $621,000 after acquiring an additional 1,230 shares during the period. UMB Bank n.a. raised its holdings in SouthState by 216.5% in the 3rd quarter. UMB Bank n.a. now owns 1,880 shares of the bank’s stock worth $127,000 after acquiring an additional 1,286 shares during the period. Commonwealth Equity Services LLC raised its holdings in SouthState by 8.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 14,871 shares of the bank’s stock worth $1,002,000 after acquiring an additional 1,165 shares during the period. Finally, Sheets Smith Wealth Management raised its holdings in SouthState by 3.0% in the 3rd quarter. Sheets Smith Wealth Management now owns 5,863 shares of the bank’s stock worth $395,000 after acquiring an additional 171 shares during the period. 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.