SouthState Co. (NASDAQ:SSB) Receives Consensus Recommendation of “Buy” from Brokerages

SouthState Co. (NASDAQ:SSB) has received a consensus rating of “Buy” from the eleven research firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $116.27.

A number of brokerages have recently commented on SSB. Barclays cut their price target on SouthState from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Raymond James set a $110.00 target price on SouthState in a report on Monday, April 28th. DA Davidson dropped their target price on SouthState from $125.00 to $115.00 and set a “buy” rating on the stock in a report on Monday, April 28th. Stephens reiterated an “overweight” rating and set a $119.00 target price on shares of SouthState in a report on Monday, April 28th. Finally, Truist Financial began coverage on SouthState in a report on Tuesday, May 13th. They set a “buy” rating and a $106.00 target price on the stock.

SouthState Stock Down 0.4%

NASDAQ:SSB opened at $87.60 on Tuesday. SouthState has a 1 year low of $70.68 and a 1 year high of $114.27. 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 stock has a market cap of $8.89 billion, a price-to-earnings ratio of 12.59 and a beta of 0.75. The stock has a 50-day moving average price of $88.22 and a two-hundred day moving average price of $97.28.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were paid a dividend of $0.54 per share. The ex-dividend date was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.47%. SouthState’s dividend payout ratio (DPR) is currently 34.12%.

Insider Buying and Selling at SouthState

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Rise Advisors LLC purchased a new stake in SouthState during the first quarter valued at about $33,000. Summit Securities Group LLC bought a new position in shares of SouthState during the fourth quarter valued at about $38,000. Aquatic Capital Management LLC bought a new position in shares of SouthState during the fourth quarter valued at about $45,000. Flaharty Asset Management LLC bought a new position in shares of SouthState during the first quarter valued at about $45,000. Finally, Quadrant Capital Group LLC raised its stake in shares of SouthState by 24.2% during the fourth 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. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

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.