SouthState Co. (NASDAQ:SSB) Receives Consensus Rating of “Moderate Buy” from Analysts

SouthState Co. (NASDAQ:SSB) has been assigned an average recommendation of “Moderate Buy” from the ten ratings firms that are covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $116.60.

SSB has been the topic of several analyst reports. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and upped their price target for the company from $106.00 to $128.00 in a report on Monday, January 27th. Stephens reiterated an “overweight” rating and issued a $119.00 price target on shares of SouthState in a report on Monday. DA Davidson reduced their target price on shares of SouthState from $125.00 to $115.00 and set a “buy” rating on the stock in a research report on Monday. Raymond James set a $110.00 price objective on SouthState in a research note on Monday. Finally, Barclays cut their price target on SouthState from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th.

SouthState Stock Performance

NASDAQ SSB opened at $87.84 on Friday. The stock has a market capitalization of $8.90 billion, a PE ratio of 12.62 and a beta of 0.65. SouthState has a 1-year low of $70.68 and a 1-year high of $114.27. The business has a 50 day simple moving average of $89.89 and a two-hundred day simple moving average of $98.57. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 16th. Stockholders of record on Friday, May 9th will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.46%. SouthState’s dividend payout ratio is presently 34.12%.

Insider Buying and Selling

In other news, Director Janet P. Froetscher bought 2,717 shares of SouthState stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the purchase, the director now directly owns 4,689 shares of the company’s stock, valued at approximately $431,481.78. The trade was a 137.78 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Sara Arana sold 1,991 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $100.78, for a total value of $200,652.98. Following the sale, the chief accounting officer now owns 4,787 shares in the company, valued at approximately $482,433.86. The trade was a 29.37 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On SouthState

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quadrant Capital Group LLC boosted its holdings in shares of SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock valued at $51,000 after acquiring an additional 99 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in SouthState by 0.5% during the fourth quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank’s stock valued at $2,109,000 after purchasing an additional 100 shares during the period. Commonwealth Equity Services LLC boosted its holdings in SouthState by 1.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank’s stock valued at $949,000 after purchasing an additional 112 shares during the last quarter. Bragg Financial Advisors Inc grew its position in SouthState by 4.3% during the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank’s stock worth $276,000 after purchasing an additional 115 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake in shares of SouthState by 5.2% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the bank’s stock valued at $220,000 after buying an additional 118 shares during the last quarter. Institutional investors and hedge funds 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.