SouthState (NASDAQ:SSB) Coverage Initiated at UBS Group

UBS Group assumed coverage on shares of SouthState (NASDAQ:SSB – Get Rating) in a research report report published on Wednesday, The Fly reports. The brokerage issued a neutral rating and a $79.00 price objective on the bank’s stock.

A number of other equities research analysts have also commented on SSB. Keefe, Bruyette & Woods decreased their price target on SouthState from $110.00 to $100.00 and set an outperform rating on the stock in a research report on Tuesday, January 31st. Raymond James decreased their price target on SouthState from $98.00 to $95.00 and set an outperform rating on the stock in a research report on Monday, January 30th. Truist Financial decreased their price objective on SouthState from $96.00 to $91.00 and set a buy rating on the stock in a research report on Wednesday, February 1st. Finally, StockNews.com upgraded SouthState from a sell rating to a hold rating in a research report on Wednesday, March 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $92.00.

SouthState Trading Down 3.9 %

Shares of SSB opened at $72.76 on Wednesday. SouthState has a 1 year low of $66.56 and a 1 year high of $91.74. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04. The stock has a 50 day simple moving average of $79.12 and a 200-day simple moving average of $81.35. The stock has a market cap of $5.52 billion, a PE ratio of 11.04 and a beta of 0.81.

SouthState (NASDAQ:SSB – Get Rating) last released its quarterly earnings results on Friday, January 27th. The bank reported $1.90 EPS for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.16). The business had revenue of $459.40 million for the quarter, compared to the consensus estimate of $447.26 million. SouthState had a return on equity of 10.56% and a net margin of 29.01%. The firm’s revenue was up 31.3% on a year-over-year basis. During the same quarter last year, the company earned $1.59 earnings per share. On average, sell-side analysts predict that SouthState will post 8.12 EPS for the current fiscal year.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 17th. Stockholders of record on Friday, February 10th were given a $0.50 dividend. The ex-dividend date of this dividend was Thursday, February 9th. This represents a $2.00 annualized dividend and a dividend yield of 2.75%. SouthState’s dividend payout ratio is currently 30.35%.

Insider Transactions at SouthState

In other SouthState news, Director G Ruffner Page, Jr. acquired 14,000 shares of the company’s stock in a transaction that occurred on Friday, March 10th. The shares were acquired at an average price of $71.75 per share, with a total value of $1,004,500.00. Following the purchase, the director now owns 72,963 shares of the company’s stock, valued at approximately $5,235,095.25. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Douglas Lloyd Williams sold 23,400 shares of the firm’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $85.01, for a total transaction of $1,989,234.00. Following the sale, the insider now owns 15,760 shares of the company’s stock, valued at approximately $1,339,757.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director G Ruffner Page, Jr. purchased 14,000 shares of the company’s stock in a transaction on Friday, March 10th. The stock was purchased at an average cost of $71.75 per share, for a total transaction of $1,004,500.00. Following the purchase, the director now directly owns 72,963 shares in the company, valued at $5,235,095.25. The disclosure for this purchase can be found here. Insiders have sold 122,836 shares of company stock worth $9,974,384 in the last three months. Insiders own 1.88% of the company’s stock.

Institutional Trading of SouthState

Several hedge funds and other institutional investors have recently modified their holdings of the company. Rockefeller Capital Management L.P. raised its stake in shares of SouthState by 37.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 591 shares of the bank’s stock valued at $45,000 after purchasing an additional 161 shares during the period. Teachers Retirement System of The State of Kentucky grew its holdings in shares of SouthState by 1.9% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 22,165 shares of the bank’s stock valued at $1,693,000 after acquiring an additional 418 shares in the last quarter. Macquarie Group Ltd. grew its holdings in shares of SouthState by 1.7% in the 4th quarter. Macquarie Group Ltd. now owns 1,056,053 shares of the bank’s stock valued at $80,662,000 after acquiring an additional 17,326 shares in the last quarter. Point72 Middle East FZE bought a new position in shares of SouthState in the 4th quarter valued at about $182,000. Finally, CI Private Wealth LLC bought a new position in shares of SouthState in the 4th quarter valued at about $377,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

About SouthState

(Get Rating)

South State Corp. is a bank and financial holding company, which engages in the provision of banking services and products to customers through its subsidiary. Its services include demand, time, and savings deposits, lending and credit card servicing, ATM processing, mortgage banking services, correspondent banking services and wealth management, and trust services.