SouthState (NASDAQ:SSB) Earns Outperform Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their outperform rating on shares of SouthState (NASDAQ:SSB) in a research report report published on Thursday morning,Benzinga reports. They currently have a $120.00 target price on the bank’s stock, up from their previous target price of $115.00.

Other research analysts have also recently issued research reports about the stock. Citigroup initiated coverage on shares of SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective for the company. Truist Financial decreased their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th. Piper Sandler lifted their target price on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Stephens increased their price target on SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, Hovde Group raised their price target on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, SouthState presently has a consensus rating of “Moderate Buy” and a consensus price target of $105.11.

SouthState Stock Up 1.1 %

NASDAQ:SSB opened at $108.39 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. SouthState has a 12-month low of $67.72 and a 12-month high of $111.99. The stock’s fifty day simple moving average is $97.71 and its 200-day simple moving average is $87.92. The firm has a market capitalization of $8.27 billion, a P/E ratio of 16.73 and a beta of 0.66.

SouthState (NASDAQ:SSB) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. The firm had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company’s revenue was down .4% compared to the same quarter last year. During the same quarter last year, the business earned $1.62 earnings per share. Equities research analysts expect that SouthState will post 6.92 earnings per share for the current year.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be issued a dividend of $0.54 per share. The ex-dividend date is Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.99%. SouthState’s payout ratio is presently 33.33%.

Insider Activity at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SSB. Nicholas Hoffman & Company LLC. raised its stake in shares of SouthState by 0.6% during the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock worth $1,472,000 after purchasing an additional 123 shares in the last quarter. Raymond James & Associates increased its holdings in SouthState by 0.6% during the second quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock worth $1,631,000 after buying an additional 126 shares during the last quarter. Chicago Partners Investment Group LLC raised its position in SouthState by 7.0% during the third quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock worth $274,000 after acquiring an additional 186 shares in the last quarter. UMB Bank n.a. lifted its stake in SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after acquiring an additional 192 shares during the last quarter. Finally, KBC Group NV grew its position in shares of SouthState by 16.3% in the 3rd quarter. KBC Group NV now owns 2,296 shares of the bank’s stock valued at $223,000 after acquiring an additional 321 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

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.