SouthState (NASDAQ:SSB) Coverage Initiated by Analysts at UBS Group

UBS Group assumed coverage on shares of SouthState (NASDAQ:SSB) in a report issued on Tuesday, MarketBeat Ratings reports. The firm issued a buy rating and a $132.00 price target on the bank’s stock.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler boosted their price target on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Stephens raised SouthState from an “equal weight” rating to an “overweight” rating in a report on Monday, December 9th. Truist Financial dropped their price target on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Finally, Citigroup initiated coverage on shares of SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price on the stock. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, SouthState currently has a consensus rating of “Moderate Buy” and a consensus target price of $109.78.

SouthState Trading Down 2.0 %

SSB opened at $106.31 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. SouthState has a one year low of $70.68 and a one year high of $114.26. The company has a market cap of $8.11 billion, a P/E ratio of 16.41 and a beta of 0.69. The business’s 50-day simple moving average is $104.42 and its 200-day simple moving average is $93.48.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating the consensus estimate of $1.64 by $0.26. The company had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The firm’s revenue was down .4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.62 earnings per share. As a group, equities research analysts expect that SouthState will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 2.03%. SouthState’s dividend payout ratio is currently 33.33%.

Insiders Place Their Bets

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. The trade was a 11.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.26% of the stock is owned by insiders.

Institutional Trading of SouthState

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Synovus Financial Corp grew its holdings in shares of SouthState by 64.8% in the 3rd quarter. Synovus Financial Corp now owns 116,404 shares of the bank’s stock worth $11,312,000 after acquiring an additional 45,785 shares during the period. Sanctuary Advisors LLC acquired a new stake in SouthState in the third quarter valued at $265,000. Geode Capital Management LLC increased its position in shares of SouthState by 1.8% in the third quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank’s stock valued at $176,931,000 after buying an additional 31,340 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of SouthState during the 3rd quarter worth $445,000. Finally, Jane Street Group LLC boosted its position in shares of SouthState by 14.5% in the 3rd quarter. Jane Street Group LLC now owns 149,411 shares of the bank’s stock worth $14,520,000 after buying an additional 18,881 shares in the last quarter. 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.