SouthState (NASDAQ:SSB) PT Lowered to $84.00 at Truist Financial

SouthState (NASDAQ:SSB) had its target price lowered by Truist Financial from $89.00 to $84.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has a hold rating on the bank’s stock.

A number of other equities analysts have also recently issued reports on the stock. DA Davidson restated 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. UBS Group increased their price objective on shares of SouthState from $88.00 to $90.00 and gave the company a neutral rating in a research note on Monday, January 29th. Finally, Raymond James cut shares of SouthState from an outperform rating to a market perform rating in a research note on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $88.17.

SouthState Price Performance

Shares of SouthState stock opened at $77.20 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.89 and a quick ratio of 0.89. SouthState has a fifty-two week low of $59.51 and a fifty-two week high of $87.77. The firm has a fifty day moving average price of $80.95 and a two-hundred day moving average price of $79.14. The company has a market cap of $5.89 billion, a PE ratio of 12.59 and a beta of 0.74.

SouthState (NASDAQ:SSB) last issued its quarterly 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 net margin of 20.91% and a return on equity of 9.24%. The firm had revenue of $415.49 million during the quarter, compared to the consensus estimate of $414.32 million. During the same period in the prior year, the firm earned $1.93 EPS. The business’s revenue was down 8.2% on a year-over-year basis. Analysts expect that SouthState will post 6.37 EPS for the current year.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date is Thursday, May 9th. SouthState’s dividend payout ratio (DPR) is currently 33.93%.

Insider Buying and Selling

In related news, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction 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 filing with the Securities & Exchange Commission, which is available at the SEC website. In other SouthState news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $4,826,530.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction 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 disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SouthState

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SSB. Nicholas Hoffman & Company LLC. boosted its stake in shares of SouthState by 0.7% in the 4th quarter. Nicholas Hoffman & Company LLC. now owns 19,019 shares of the bank’s stock valued at $1,606,000 after purchasing an additional 131 shares during the last quarter. Sheets Smith Wealth Management boosted its stake in shares of SouthState by 3.0% in the 3rd quarter. Sheets Smith Wealth Management now owns 5,863 shares of the bank’s stock valued at $395,000 after purchasing an additional 171 shares during the last quarter. AlphaMark Advisors LLC boosted its stake in shares of SouthState by 5.1% in the 4th quarter. AlphaMark Advisors LLC now owns 3,608 shares of the bank’s stock valued at $305,000 after purchasing an additional 175 shares during the last quarter. Red Spruce Capital LLC boosted its stake in shares of SouthState by 0.6% in the 4th quarter. Red Spruce Capital LLC now owns 29,465 shares of the bank’s stock valued at $2,488,000 after purchasing an additional 179 shares during the last quarter. Finally, Prospector Partners LLC boosted its stake in shares of SouthState by 0.3% in the 3rd quarter. Prospector Partners LLC now owns 76,197 shares of the bank’s stock valued at $5,133,000 after purchasing an additional 200 shares during the last quarter. Institutional investors and hedge funds 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.