SouthState (NASDAQ:SSB) Given New $120.00 Price Target at Keefe, Bruyette & Woods

SouthState (NASDAQ:SSB) had its price objective trimmed by Keefe, Bruyette & Woods from $130.00 to $120.00 in a report published on Tuesday,Benzinga reports. The firm currently has an outperform rating on the bank’s stock.

Several other brokerages have also recently issued reports on SSB. Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and boosted their price target for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Stephens reissued an “overweight” rating and set a $119.00 target price on shares of SouthState in a report on Monday, April 28th. Raymond James set a $110.00 price target on SouthState in a research note on Monday, April 28th. Barclays reduced their price objective on shares of SouthState from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Finally, DA Davidson dropped their target price on shares of SouthState from $125.00 to $115.00 and set a “buy” rating for the company in a research report on Monday, April 28th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $116.60.

SouthState Price Performance

Shares of SouthState stock opened at $88.39 on Tuesday. The company has a 50-day simple moving average of $89.26 and a two-hundred day simple moving average of $98.27. SouthState has a twelve month low of $70.68 and a twelve month high of $114.27. The stock has a market capitalization of $8.96 billion, a price-to-earnings ratio of 12.70 and a beta of 0.75. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 16th. Investors of record on Friday, May 9th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Friday, May 9th. SouthState’s payout ratio is 34.12%.

Insider Buying and Selling at SouthState

In other news, CAO Sara Arana sold 1,991 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $100.78, for a total transaction of $200,652.98. Following the sale, the chief accounting officer now directly owns 4,787 shares in the company, valued at approximately $482,433.86. The trade was a 29.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Janet P. Froetscher acquired 2,717 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average price of $92.02 per share, with a total value of $250,018.34. Following the acquisition, the director now owns 4,689 shares in the company, valued at $431,481.78. The trade was a 137.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SSB. Wealth Enhancement Advisory Services LLC raised its position in shares of SouthState by 1.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 20,057 shares of the bank’s stock worth $1,949,000 after acquiring an additional 337 shares during the last quarter. Salem Investment Counselors Inc. raised its holdings in SouthState by 25.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 12,516 shares of the bank’s stock worth $1,245,000 after purchasing an additional 2,502 shares during the last quarter. Wedmont Private Capital lifted its position in shares of SouthState by 16.3% in the 4th quarter. Wedmont Private Capital now owns 2,786 shares of the bank’s stock worth $258,000 after purchasing an additional 391 shares during the period. FNY Investment Advisers LLC bought a new stake in shares of SouthState in the 4th quarter valued at $1,008,000. Finally, Fifth Third Wealth Advisors LLC increased its position in shares of SouthState by 46.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 3,342 shares of the bank’s stock worth $332,000 after buying an additional 1,063 shares during the period. 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.