SouthState (NASDAQ:SSB) Price Target Lowered to $95.00 at Piper Sandler

SouthState (NASDAQ:SSB) had its price target lowered by Piper Sandler from $98.00 to $95.00 in a research note published on Monday morning, Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

Several other brokerages also recently commented on SSB. DA Davidson restated a buy rating and issued a $102.00 price target (up previously from $96.00) on shares of SouthState in a research report on Monday, January 29th. UBS Group raised their target price on SouthState from $88.00 to $90.00 and gave the stock a neutral rating in a research report on Monday, January 29th. Truist Financial dropped their price target on SouthState from $89.00 to $84.00 and set a hold rating on the stock in a research report on Monday. Finally, Raymond James downgraded SouthState from an outperform rating to a market perform rating in a research note on Friday, January 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and a consensus target price of $88.17.

SouthState Stock Performance

Shares of NASDAQ SSB opened at $77.08 on Monday. SouthState has a 52-week low of $59.51 and a 52-week high of $87.77. The stock has a market capitalization of $5.88 billion, a price-to-earnings ratio of 11.99 and a beta of 0.74. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.07. The stock’s fifty day simple moving average is $81.23 and its 200 day simple moving average is $79.09.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.03. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The firm had revenue of $415.49 million for the quarter, compared to the consensus estimate of $414.32 million. During the same quarter in the previous year, the company earned $1.93 EPS. The business’s revenue for the quarter was down 8.2% compared to the same quarter last year. As a group, sell-side analysts forecast that SouthState will post 6.48 earnings per share for the current fiscal year.

SouthState Dividend Announcement

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

Insider Transactions at SouthState

In related news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction that occurred 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 transaction, the president now directly owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total value of $401,065.00. Following the transaction, the president now directly owns 58,968 shares in the company, valued at approximately $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 dated Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the sale, the insider now owns 35,828 shares of the company’s stock, valued at $2,902,068. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SouthState

Several hedge funds and other institutional investors have recently modified their holdings of SSB. Caprock Group LLC acquired a new stake in SouthState during the first quarter worth about $204,000. Allspring Global Investments Holdings LLC grew its holdings in shares of SouthState by 0.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,123,353 shares of the bank’s stock worth $95,519,000 after purchasing an additional 6,070 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of SouthState by 14.6% during the first quarter. Principal Financial Group Inc. now owns 325,421 shares of the bank’s stock valued at $27,671,000 after purchasing an additional 41,349 shares during the period. New York State Teachers Retirement System raised its stake in shares of SouthState by 5.0% in the first quarter. New York State Teachers Retirement System now owns 12,500 shares of the bank’s stock valued at $1,063,000 after purchasing an additional 600 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its position in SouthState by 2.3% in the first quarter. Louisiana State Employees Retirement System now owns 21,900 shares of the bank’s stock worth $1,862,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds 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.