G Ruffner Page, Jr. Purchases 14,000 Shares of SouthState Co. (NASDAQ:SSB) Stock

SouthState Co. (NASDAQ:SSB – Get Rating) Director G Ruffner Page, Jr. bought 14,000 shares of SouthState 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 completion of the acquisition, the director now directly owns 72,963 shares of the company’s stock, valued at approximately $5,235,095.25. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.

SouthState Stock Up 1.3 %

SSB stock opened at $75.72 on Friday. SouthState Co. has a 12-month low of $71.13 and a 12-month high of $91.74. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The company has a market cap of $5.74 billion, a price-to-earnings ratio of 11.49 and a beta of 0.81. The company has a 50 day moving average of $79.50 and a two-hundred day moving average of $81.60.

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

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 17th. Stockholders of record on Friday, February 10th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, February 9th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.64%. SouthState’s dividend payout ratio is currently 30.35%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on SSB shares. Keefe, Bruyette & Woods decreased their price objective on shares of SouthState from $110.00 to $100.00 and set an “outperform” rating for the company in a research note on Tuesday, January 31st. Raymond James decreased their price objective on shares of SouthState from $98.00 to $95.00 and set an “outperform” rating for the company in a research note on Monday, January 30th. Truist Financial decreased their price objective on shares of SouthState from $96.00 to $91.00 and set a “buy” rating for the company in a research note on Wednesday, February 1st. Finally, StockNews.com raised shares of SouthState from a “sell” rating to a “hold” rating in a research note on Wednesday, March 1st. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $94.60.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. California Public Employees Retirement System raised its holdings in shares of SouthState by 13.2% during the 3rd quarter. California Public Employees Retirement System now owns 169,587 shares of the bank’s stock valued at $13,418,000 after purchasing an additional 19,826 shares in the last quarter. Moody National Bank Trust Division bought a new position in shares of SouthState during the 3rd quarter valued at $291,000. Oppenheimer Asset Management Inc. raised its holdings in SouthState by 3.9% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 20,184 shares of the bank’s stock worth $1,597,000 after acquiring an additional 749 shares during the period. TIAA FSB bought a new position in SouthState in the 2nd quarter worth $477,000. Finally, Cullen Capital Management LLC raised its holdings in SouthState by 11.4% in the 2nd quarter. Cullen Capital Management LLC now owns 6,814 shares of the bank’s stock worth $526,000 after acquiring an additional 700 shares during the period. Institutional investors own 80.28% of the company’s stock.

About SouthState

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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.