Analysts Set SouthState Co. (NASDAQ:SSB) PT at $115.44

SouthState Co. (NASDAQ:SSB) has been given a consensus recommendation of “Moderate Buy” by the nine analysts that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $115.44.

Several research firms have recently commented on SSB. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. UBS Group began coverage on shares of SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 price objective for the company. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and boosted their target price for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Stephens restated an “overweight” rating and set a $130.00 target price on shares of SouthState in a research report on Friday, January 24th. Finally, Truist Financial decreased their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th.

SouthState Trading Down 2.1 %

NASDAQ:SSB opened at $99.19 on Friday. SouthState has a 12 month low of $70.68 and a 12 month high of $114.26. The firm has a fifty day simple moving average of $101.46 and a 200-day simple moving average of $100.23. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $7.57 billion, a P/E ratio of 14.25 and a beta of 0.70.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were given a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.18%. SouthState’s dividend payout ratio (DPR) is currently 31.03%.

Insiders Place Their Bets

In other SouthState news, CFO William E. V. Matthews sold 6,531 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the completion of the transaction, the chief financial officer now owns 34,107 shares in the company, valued at approximately $3,693,447.03. This represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.26% of the company’s stock.

Institutional Trading of SouthState

Institutional investors and hedge funds have recently modified their holdings of the stock. BIP Wealth LLC increased its stake in shares of SouthState by 605.2% during the third quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock worth $3,054,000 after purchasing an additional 26,966 shares in the last quarter. Stifel Financial Corp increased its stake in shares of SouthState by 10.5% during the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock worth $6,178,000 after purchasing an additional 6,062 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of SouthState by 2.5% during the third quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock worth $39,736,000 after purchasing an additional 9,863 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of SouthState by 3.7% during the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after purchasing an additional 25,495 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new stake in shares of SouthState during the fourth quarter worth about $1,008,000. Hedge funds and other 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.