SouthState Co. (NASDAQ:SSB) to Issue $0.54 Quarterly Dividend

SouthState Co. (NASDAQ:SSB) declared a quarterly dividend on Wednesday, October 23rd, NASDAQ reports. Stockholders of record on Friday, November 8th will be paid a dividend of 0.54 per share by the bank on Friday, November 15th. This represents a $2.16 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, November 8th.

SouthState has raised its dividend by an average of 2.8% annually over the last three years and has increased its dividend annually for the last 13 consecutive years.

SouthState Stock Performance

Shares of NASDAQ:SSB opened at $97.68 on Wednesday. SouthState has a 12 month low of $67.72 and a 12 month high of $103.82. The company has a market cap of $7.45 billion, a price-to-earnings ratio of 15.07 and a beta of 0.66. 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 company has a 50-day moving average price of $96.96 and a 200-day moving average price of $87.35.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. During the same period in the previous year, the firm earned $1.62 earnings per share. The business’s revenue was down .4% compared to the same quarter last year. As a group, equities analysts anticipate that SouthState will post 6.85 EPS for the current year.

Insider Buying and Selling at SouthState

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the sale, the insider now directly owns 33,328 shares of the company’s stock, valued at $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState 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 sale, the insider now owns 33,328 shares in the company, valued at $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SSB. DA Davidson increased their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Truist Financial reduced their price target on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Citigroup initiated coverage on shares of SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective on the stock. Hovde Group raised their price objective on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods boosted their price target on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, SouthState currently has an average rating of “Moderate Buy” and an average target price of $104.00.

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.