Stephens Raises SouthState (NASDAQ:SSB) Price Target to $105.00

SouthState (NASDAQ:SSB) had its price target lifted by Stephens from $101.00 to $105.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

SSB has been the subject of several other reports. Truist Financial reduced their target price on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th. Citigroup assumed coverage on SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price for the company. DA Davidson boosted their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods increased their price target on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Finally, Piper Sandler lifted their price objective on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $104.00.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $97.42 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12. The stock has a market cap of $7.43 billion, a PE ratio of 15.03 and a beta of 0.67. The stock’s fifty day simple moving average is $96.89 and its two-hundred day simple moving average is $86.79. SouthState has a 1-year low of $67.69 and a 1-year high of $103.82.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The company had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same period last year, the firm earned $1.62 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. As a group, analysts forecast that SouthState will post 6.85 EPS for the current fiscal year.

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.22%. The ex-dividend date is Friday, November 8th. SouthState’s dividend payout ratio (DPR) is presently 33.33%.

Insider Activity at SouthState

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now directly owns 33,328 shares of the company’s stock, valued at $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now directly owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in SouthState by 12.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock valued at $254,394,000 after buying an additional 371,987 shares during the period. Jupiter Asset Management Ltd. boosted its position in shares of SouthState by 270.2% during the 1st quarter. Jupiter Asset Management Ltd. now owns 353,700 shares of the bank’s stock valued at $30,075,000 after acquiring an additional 258,168 shares during the last quarter. F M Investments LLC purchased a new position in shares of SouthState during the second quarter worth about $7,303,000. Renaissance Technologies LLC bought a new position in shares of SouthState in the second quarter worth approximately $4,829,000. Finally, Victory Capital Management Inc. raised its stake in SouthState by 1.6% in the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock valued at $214,157,000 after purchasing an additional 45,176 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

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.