SouthState (NASDAQ:SSB) Price Target Cut to $115.00 by Analysts at DA Davidson

SouthState (NASDAQ:SSB) had its target price lowered by DA Davidson from $125.00 to $115.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

SSB has been the subject of a number of other reports. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and increased their price target for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Stephens reaffirmed an “overweight” rating and set a $119.00 price target on shares of SouthState in a research report on Monday. Raymond James raised SouthState from an “outperform” rating to a “strong-buy” rating and decreased their price target for the company from $120.00 to $115.00 in a research report on Wednesday, April 2nd. Finally, Barclays reduced their price objective on SouthState from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $116.60.

SouthState Stock Performance

Shares of SSB opened at $87.51 on Monday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $8.87 billion, a price-to-earnings ratio of 12.57 and a beta of 0.65. The stock has a 50 day moving average of $90.63 and a 200 day moving average of $98.81. SouthState has a 12 month low of $70.68 and a 12 month high of $114.27.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 16th. Stockholders of record on Friday, May 9th will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Friday, May 9th. SouthState’s payout ratio is currently 34.12%.

Insider Transactions at SouthState

In related news, Director G Stacy Smith purchased 3,100 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was purchased at an average cost of $93.60 per share, with a total value of $290,160.00. Following the completion of the acquisition, the director now directly owns 36,779 shares of the company’s stock, valued at approximately $3,442,514.40. The trade was a 9.20 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Janet P. Froetscher purchased 2,717 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was bought at an average cost of $92.02 per share, with a total value of $250,018.34. Following the completion of the acquisition, the director now directly owns 4,689 shares of the company’s stock, valued at approximately $431,481.78. This trade represents a 137.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On SouthState

Institutional investors and hedge funds have recently made changes to their positions in the business. Summit Securities Group LLC purchased a new stake in shares of SouthState in the fourth quarter worth $38,000. Aquatic Capital Management LLC purchased a new stake in shares of SouthState in the fourth quarter worth $45,000. Quadrant Capital Group LLC raised its position in shares of SouthState by 24.2% in the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock worth $51,000 after buying an additional 99 shares in the last quarter. Versant Capital Management Inc raised its position in shares of SouthState by 577.4% in the first quarter. Versant Capital Management Inc now owns 569 shares of the bank’s stock worth $53,000 after buying an additional 485 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of SouthState by 181.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank’s stock worth $54,000 after buying an additional 378 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Company Profile

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.