SouthState (NASDAQ:SSB) Shares Gap Up After Analyst Upgrade

Shares of SouthState Co. (NASDAQ:SSBGet Free Report) gapped up prior to trading on Thursday after Piper Sandler raised their price target on the stock from $95.00 to $98.00. The stock had previously closed at $74.58, but opened at $76.35. Piper Sandler currently has an overweight rating on the stock. SouthState shares last traded at $75.26, with a volume of 9,813 shares changing hands.

Other equities research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods lifted their price target on shares of SouthState from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday. Raymond James upgraded SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price objective for the company in a research note on Tuesday, May 21st. Finally, Truist Financial decreased their target price on shares of SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a research report on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, SouthState presently has an average rating of “Hold” and a consensus target price of $91.00.

Get Our Latest Stock Analysis on SSB

Insider Activity

In other news, 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 sale, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the business’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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the sale, the president now owns 58,968 shares in the company, valued at approximately $4,826,530.80. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SSB. Vanguard Group Inc. lifted its position in shares of SouthState by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock valued at $713,461,000 after buying an additional 54,147 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of SouthState by 3.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,882,211 shares of the bank’s stock worth $243,408,000 after purchasing an additional 94,637 shares in the last quarter. Franklin Resources Inc. raised its position in shares of SouthState by 26.8% during the 4th quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock worth $186,485,000 after purchasing an additional 466,144 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in SouthState by 0.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,123,353 shares of the bank’s stock valued at $95,519,000 after buying an additional 6,070 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in SouthState by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,005,187 shares of the bank’s stock worth $84,888,000 after buying an additional 25,328 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Trading Up 2.7 %

The company has a 50 day simple moving average of $79.69 and a 200 day simple moving average of $80.72. The company has a market capitalization of $5.84 billion, a PE ratio of 12.48 and a beta of 0.75. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.89 and a current ratio of 0.90.

SouthState (NASDAQ:SSBGet Free Report) last issued its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 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 during the quarter, compared to analysts’ expectations of $414.32 million. During the same period in the previous year, the business earned $1.93 earnings per share. The firm’s revenue for the quarter was down 8.2% on a year-over-year basis. Analysts anticipate that SouthState Co. will post 6.33 earnings per share for the current year.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Friday, May 10th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 2.72%. SouthState’s payout ratio is presently 33.93%.

About SouthState

(Get Free Report)

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.

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