SouthState (NASDAQ:SSB) PT Lowered to $95.00

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

Several other equities analysts have also issued reports on the stock. Truist Financial cut their price objective on shares of SouthState from $89.00 to $84.00 and set a hold rating on the stock in a report on Monday. DA Davidson restated a buy rating and issued a $102.00 target price (up from $96.00) on shares of SouthState in a research note on Monday, January 29th. Raymond James downgraded shares of SouthState from an outperform rating to a market perform rating in a research note on Friday, January 5th. Finally, UBS Group raised their target price on shares of SouthState from $88.00 to $90.00 and gave the company a neutral rating in a research note on Monday, January 29th. One investment 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. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $88.17.

SouthState Stock Performance

Shares of SSB stock opened at $78.27 on Monday. The firm has a market cap of $5.97 billion, a price-to-earnings ratio of 12.77 and a beta of 0.75. The company’s 50 day moving average is $80.86 and its 200 day moving average is $79.13. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.07. SouthState has a 52-week low of $59.51 and a 52-week high of $87.77.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.03. The company had revenue of $415.49 million for the quarter, compared to analyst estimates of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.24%. SouthState’s revenue was down 8.2% compared to the same quarter last year. During the same period last year, the company posted $1.93 earnings per share. On average, sell-side analysts anticipate that SouthState will post 6.37 EPS for the current fiscal year.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 10th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 2.66%. SouthState’s payout ratio is currently 33.93%.

Insider Transactions at SouthState

In other news, President Richard Iv Murray sold 4,900 shares of SouthState stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the completion of the sale, the president now directly owns 58,968 shares in the company, valued at $4,826,530.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, President Richard Iv Murray sold 4,900 shares of SouthState stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the completion of the sale, the president now directly owns 58,968 shares in the company, valued at $4,826,530.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction on Wednesday, March 20th. The stock was 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. Insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC raised its holdings in shares of SouthState by 544.0% during the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after purchasing an additional 272 shares during the last quarter. Fidelis Capital Partners LLC purchased a new position in shares of SouthState during the first quarter worth $30,000. TFO Wealth Partners LLC raised its holdings in shares of SouthState by 13,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after purchasing an additional 402 shares during the last quarter. Covestor Ltd raised its holdings in shares of SouthState by 50.5% during the third quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after purchasing an additional 214 shares during the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of SouthState by 8,346.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock worth $107,000 after purchasing an additional 1,252 shares during 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.