SouthState (NASDAQ:SSB) Hits New 1-Year High – Here’s What Happened

Shares of SouthState Co. (NASDAQ:SSB) hit a new 52-week high during trading on Monday . The stock traded as high as $113.46 and last traded at $113.13, with a volume of 41433 shares changing hands. The stock had previously closed at $109.00.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on SSB shares. Citigroup began coverage on SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective on the stock. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Truist Financial cut their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Finally, Stephens boosted their price target on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $105.11.

SouthState Price Performance

The stock has a market capitalization of $8.54 billion, a PE ratio of 17.27 and a beta of 0.66. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. The stock’s 50-day moving average is $100.24 and its 200 day moving average is $89.98.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same quarter last year, the company posted $1.62 earnings per share. The business’s quarterly revenue was down .4% compared to the same quarter last year. As a group, equities analysts expect that SouthState Co. will post 6.94 earnings per share for the current year.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 1.93%. SouthState’s dividend payout ratio (DPR) is 33.33%.

Insider Activity at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction 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 approximately $3,332,800. This trade represents a 6.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This represents a 11.91 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SouthState

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

About SouthState

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.