SouthState Co. (NASDAQ:SSB) Receives Average Rating of “Buy” from Brokerages

SouthState Co. (NASDAQ:SSBGet Rating) has been given a consensus rating of “Buy” by the six analysts that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $86.54.

A number of equities research analysts have weighed in on the company. StockNews.com raised SouthState from a “sell” rating to a “hold” rating in a research report on Monday, May 2nd. DA Davidson reduced their price target on SouthState to $91.00 and set a “na” rating for the company in a research report on Monday. Stephens boosted their price target on SouthState from $76.00 to $84.50 and gave the stock an “equal weight” rating in a research report on Wednesday, January 26th. Raymond James boosted their price target on SouthState from $92.00 to $93.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 6th. Finally, Zacks Investment Research raised SouthState from a “hold” rating to a “buy” rating and set a $93.00 price target for the company in a research report on Wednesday, March 30th.

SSB opened at $74.94 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.07. The business has a fifty day moving average of $79.81 and a 200 day moving average of $82.44. The stock has a market cap of $5.66 billion, a P/E ratio of 12.41 and a beta of 0.81. SouthState has a 52-week low of $62.60 and a 52-week high of $93.34.

SouthState (NASDAQ:SSBGet Rating) last issued its earnings results on Thursday, April 28th. The bank reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.38. The business had revenue of $347.56 million during the quarter, compared to analyst estimates of $349.97 million. SouthState had a return on equity of 10.33% and a net margin of 30.19%. SouthState’s revenue was down 3.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.17 EPS. Equities analysts anticipate that SouthState will post 6.36 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, May 20th. Shareholders of record on Friday, May 13th will be paid a dividend of $0.49 per share. The ex-dividend date of this dividend is Thursday, May 12th. This represents a $1.96 annualized dividend and a yield of 2.62%. SouthState’s payout ratio is presently 32.45%.

In related news, insider Greg A. Lapointe sold 1,470 shares of the company’s stock in a transaction dated Tuesday, March 8th. The stock was sold at an average price of $82.15, for a total value of $120,760.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ernest S. Pinner sold 1,111 shares of the stock in a transaction that occurred on Monday, February 28th. The shares were sold at an average price of $90.00, for a total value of $99,990.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,831 shares of company stock worth $667,280. Company insiders own 1.88% of the company’s stock.

Several large investors have recently bought and sold shares of the stock. Morgan Stanley boosted its position in shares of SouthState by 136.0% during the second quarter. Morgan Stanley now owns 230,801 shares of the bank’s stock worth $18,871,000 after buying an additional 133,023 shares during the period. Advisor Group Holdings Inc. boosted its holdings in SouthState by 18.0% in the third quarter. Advisor Group Holdings Inc. now owns 8,605 shares of the bank’s stock valued at $642,000 after purchasing an additional 1,313 shares during the period. BlackRock Inc. boosted its holdings in SouthState by 2.3% in the third quarter. BlackRock Inc. now owns 5,290,997 shares of the bank’s stock valued at $395,077,000 after purchasing an additional 118,019 shares during the period. Barclays PLC boosted its holdings in SouthState by 24.3% in the third quarter. Barclays PLC now owns 127,673 shares of the bank’s stock valued at $9,534,000 after purchasing an additional 24,987 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in SouthState by 10.2% in the third quarter. CIBC Asset Management Inc now owns 2,968 shares of the bank’s stock valued at $222,000 after purchasing an additional 274 shares during the period. 86.23% of the stock is owned by hedge funds and other institutional investors.

SouthState Company Profile (Get Rating)

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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.

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