SouthState Co. (NASDAQ:SSB) Given Consensus Rating of “Hold” by Brokerages

Shares of SouthState Co. (NASDAQ:SSB) have been given an average recommendation of “Hold” by the five analysts that are covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $87.80.

Several equities analysts recently commented on SSB shares. Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a report on Friday, January 5th. DA Davidson reissued a “buy” rating and issued a $102.00 target price (up previously from $96.00) on shares of SouthState in a report on Monday, January 29th. Truist Financial dropped their target price on SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Finally, UBS Group raised their price objective on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, January 29th.

SouthState Stock Down 1.4 %

NASDAQ:SSB opened at $77.89 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.06. The stock’s fifty day moving average is $81.55 and its two-hundred day moving average is $78.81. SouthState has a 52 week low of $59.51 and a 52 week high of $87.77. The stock has a market capitalization of $5.94 billion, a price-to-earnings ratio of 12.13 and a beta of 0.74.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.03. The business had revenue of $415.49 million for the quarter, compared to analysts’ expectations of $414.32 million. SouthState had a return on equity of 9.85% and a net margin of 22.15%. The company’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same period last year, the firm earned $1.93 earnings per share. Research analysts anticipate that SouthState will post 6.51 EPS for the current year.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be given a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 2.67%. SouthState’s payout ratio is currently 32.20%.

Insider Activity at SouthState

In related news, 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 value of $243,000.00. Following the completion of the sale, the insider now owns 35,828 shares in the company, valued at $2,902,068. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction that occurred on 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 directly owns 35,828 shares in the company, valued at approximately $2,902,068. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Renee R. Brooks sold 4,025 shares of SouthState stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $85.62, for a total transaction of $344,620.50. Following the sale, the chief operating officer now owns 31,747 shares of the company’s stock, valued at $2,718,178.14. The disclosure for this sale can be found here. Insiders sold a total of 11,925 shares of company stock worth $988,686 over the last 90 days. Company insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Nicholas Hoffman & Company LLC. raised its position in shares of SouthState by 0.7% during the 4th quarter. Nicholas Hoffman & Company LLC. now owns 19,019 shares of the bank’s stock worth $1,606,000 after purchasing an additional 131 shares during the last quarter. Sheets Smith Wealth Management grew its stake in SouthState by 3.0% in the 3rd quarter. Sheets Smith Wealth Management now owns 5,863 shares of the bank’s stock worth $395,000 after acquiring an additional 171 shares during the period. AlphaMark Advisors LLC grew its stake in SouthState by 5.1% in the 4th quarter. AlphaMark Advisors LLC now owns 3,608 shares of the bank’s stock worth $305,000 after acquiring an additional 175 shares during the period. Red Spruce Capital LLC grew its stake in SouthState by 0.6% in the 4th quarter. Red Spruce Capital LLC now owns 29,465 shares of the bank’s stock worth $2,488,000 after acquiring an additional 179 shares during the period. Finally, Prospector Partners LLC grew its stake in SouthState by 0.3% in the 3rd quarter. Prospector Partners LLC now owns 76,197 shares of the bank’s stock worth $5,133,000 after acquiring an additional 200 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.