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

SouthState (NASDAQ:SSB) had its price target cut by Truist Financial from $89.00 to $84.00 in a report released on Monday, Benzinga reports. They currently have a hold rating on the bank’s stock.

Other research analysts also recently issued reports about the company. Raymond James downgraded SouthState from an outperform rating to a market perform rating in a research note on Friday, January 5th. DA Davidson reaffirmed a buy rating and set a $102.00 price target (up from $96.00) on shares of SouthState in a research note on Monday, January 29th. Finally, UBS Group upped their price target on SouthState from $88.00 to $90.00 and gave the stock a neutral rating in a research note on Monday, January 29th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $88.17.

SouthState Stock Down 1.1 %

Shares of NASDAQ:SSB opened at $77.08 on Monday. The company has a market capitalization of $5.88 billion, a price-to-earnings ratio of 11.99 and a beta of 0.74. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.89 and a quick ratio of 0.89. The business’s 50-day moving average is $81.23 and its 200-day moving average is $79.09. SouthState has a 1 year low of $59.51 and a 1 year high of $87.77.

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 analysts’ consensus estimates of $1.55 by $0.03. The company had revenue of $415.49 million for the quarter, compared to the consensus estimate of $414.32 million. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The firm’s revenue was down 8.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.93 EPS. Equities research analysts predict that SouthState will post 6.48 earnings per share for the current year.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date is Thursday, May 9th. SouthState’s dividend payout ratio is currently 33.93%.

Insiders Place Their Bets

In other news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at $2,902,068. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other SouthState news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was 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 directly owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares in the company, valued at approximately $2,902,068. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On SouthState

Several large investors have recently added to or reduced their stakes in SSB. Teachers Retirement System of The State of Kentucky grew its stake in SouthState by 44.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 50,684 shares of the bank’s stock valued at $3,413,000 after buying an additional 15,599 shares in the last quarter. Versor Investments LP purchased a new position in SouthState in the 3rd quarter valued at approximately $424,000. BIP Wealth LLC purchased a new position in SouthState in the 4th quarter valued at approximately $430,000. Envestnet Asset Management Inc. grew its stake in SouthState by 112.5% in the 3rd quarter. Envestnet Asset Management Inc. now owns 143,844 shares of the bank’s stock valued at $9,689,000 after buying an additional 76,153 shares in the last quarter. Finally, Sei Investments Co. grew its stake in SouthState by 5.4% in the 3rd quarter. Sei Investments Co. now owns 286,177 shares of the bank’s stock valued at $19,277,000 after buying an additional 14,688 shares in the last quarter. 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.