SouthState Co. (NASDAQ:SSB) Given Average Recommendation of “Moderate Buy” by Analysts

Posted by Defense World Staff on May 5th, 2023

Shares of SouthState Co. (NASDAQ:SSB – Get Rating) have earned a consensus rating of “Hold” from the seven brokerages that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $87.17.

SSB has been the topic of a number of analyst reports. Raymond James dropped their price target on shares of SouthState from $95.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday, April 6th. Truist Financial decreased their price target on SouthState from $91.00 to $82.00 in a report on Thursday, March 23rd. Keefe, Bruyette & Woods decreased their price target on SouthState from $100.00 to $90.00 and set an “outperform” rating on the stock in a research note on Thursday, April 6th. StockNews.com cut SouthState from a “hold” rating to a “sell” rating in a research note on Wednesday, March 15th. Finally, UBS Group started coverage on SouthState in a research note on Wednesday, March 15th. They issued a “neutral” rating and a $79.00 price target on the stock.

Insiders Place Their Bets

In other SouthState news, Director G Ruffner Page, Jr. purchased 14,000 shares of the firm’s stock in a transaction that occurred on Friday, March 10th. The shares were bought at an average price of $71.75 per share, with a total value of $1,004,500.00. Following the completion of the purchase, the director now directly owns 72,963 shares in the company, valued at $5,235,095.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director John C. Pollok sold 12,224 shares of the business’s stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $81.56, for a total value of $996,989.44. Following the sale, the director now directly owns 37,337 shares in the company, valued at approximately $3,045,205.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director G Ruffner Page, Jr. bought 14,000 shares of the company’s stock in a transaction on Friday, March 10th. The stock was purchased at an average cost of $71.75 per share, with a total value of $1,004,500.00. Following the completion of the transaction, the director now owns 72,963 shares in the company, valued at $5,235,095.25. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 97,836 shares of company stock valued at $8,049,384. Insiders own 1.26% of the company’s stock.

Institutional Trading of SouthState

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in SouthState by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 8,205,703 shares of the bank’s stock worth $649,235,000 after acquiring an additional 290,494 shares during the period. BlackRock Inc. boosted its stake in SouthState by 3.6% during the 1st quarter. BlackRock Inc. now owns 6,329,638 shares of the bank’s stock valued at $516,435,000 after purchasing an additional 220,760 shares during the period. Capital Research Global Investors lifted its position in shares of SouthState by 30.9% in the 1st quarter. Capital Research Global Investors now owns 4,051,286 shares of the bank’s stock worth $330,544,000 after acquiring an additional 955,920 shares during the period. State Street Corp raised its holdings in shares of SouthState by 7.0% in the 1st quarter. State Street Corp now owns 2,812,683 shares of the bank’s stock worth $229,487,000 after buying an additional 183,939 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of SouthState by 4.5% in the 1st quarter. Victory Capital Management Inc. now owns 2,769,066 shares of the bank’s stock worth $197,324,000 after buying an additional 120,252 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

SouthState Price Performance

Shares of SouthState stock opened at $62.95 on Friday. The stock has a market capitalization of $4.77 billion, a price-to-earnings ratio of 8.95 and a beta of 0.79. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The company has a 50-day simple moving average of $71.94 and a two-hundred day simple moving average of $78.59. SouthState has a twelve month low of $59.51 and a twelve month high of $91.74.

SouthState (NASDAQ:SSB – Get Rating) last posted its quarterly earnings results on Friday, April 28th. The bank reported $1.93 EPS for the quarter, missing analysts’ consensus estimates of $1.98 by ($0.05). SouthState had a return on equity of 11.15% and a net margin of 28.57%. The company had revenue of $521.76 million during the quarter, compared to analyst estimates of $442.20 million. During the same quarter in the previous year, the business posted $1.69 earnings per share. Analysts forecast that SouthState will post 7.56 EPS for the current year.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 19th. Stockholders of record on Friday, May 12th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date is Thursday, May 11th. SouthState’s payout ratio is 28.45%.

SouthState Company Profile

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South State Corp. is a bank and financial holding company, which engages in the provision of banking services and products to customers through its subsidiary. Its services include demand, time, and savings deposits, lending and credit card servicing, ATM processing, mortgage banking services, correspondent banking services and wealth management, and trust services.