SouthState Co. (NASDAQ:SSB) Given Consensus Recommendation of “Hold” by Brokerages

Shares of SouthState Co. (NASDAQ:SSB) have received an average rating of “Hold” from the five analysts that are presently covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $87.80.

A number of equities analysts recently issued reports on SSB shares. UBS Group raised their target price on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. DA Davidson reaffirmed a “buy” rating and set a $102.00 target price (up previously from $96.00) on shares of SouthState in a report on Monday, January 29th. Truist Financial reduced their price target on shares of SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a research report on Monday, April 1st. Finally, Raymond James lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th.

SouthState Stock Down 1.3 %

Shares of SSB stock opened at $77.95 on Monday. The stock’s fifty day moving average price is $81.40 and its 200 day moving average price is $79.03. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.89 and a quick ratio of 0.88. SouthState has a 1-year low of $59.51 and a 1-year high of $87.77. The company has a market cap of $5.94 billion, a price-to-earnings ratio of 12.72 and a beta of 0.74.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, beating the consensus estimate of $1.55 by $0.03. The firm had revenue of $415.49 million during the quarter, compared to analyst estimates of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.32%. SouthState’s revenue was down 8.2% on a year-over-year basis. During the same period last year, the firm posted $1.93 EPS. On average, research analysts expect that SouthState will post 6.48 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date is Thursday, May 9th. SouthState’s dividend payout ratio (DPR) is presently 33.93%.

Insider Buying and Selling at SouthState

In other news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total transaction of $401,065.00. Following the sale, the president now directly owns 58,968 shares in the company, valued at approximately $4,826,530.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, President Richard Iv Murray sold 4,900 shares of SouthState stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total value of $401,065.00. Following the sale, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares in the company, valued at $2,902,068. The disclosure for this sale can be found here. 1.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SouthState

Several institutional investors and hedge funds have recently bought and sold shares of the company. Nicholas Hoffman & Company LLC. lifted its holdings in SouthState by 0.7% in the fourth quarter. Nicholas Hoffman & Company LLC. now owns 19,019 shares of the bank’s stock valued at $1,606,000 after acquiring an additional 131 shares during the last quarter. Sheets Smith Wealth Management grew its holdings in shares of SouthState by 3.0% during the 3rd quarter. Sheets Smith Wealth Management now owns 5,863 shares of the bank’s stock worth $395,000 after purchasing an additional 171 shares during the period. AlphaMark Advisors LLC raised its holdings in SouthState by 5.1% in the 4th quarter. AlphaMark Advisors LLC now owns 3,608 shares of the bank’s stock valued at $305,000 after buying an additional 175 shares during the period. Red Spruce Capital LLC lifted its position in SouthState by 0.6% in the fourth quarter. Red Spruce Capital LLC now owns 29,465 shares of the bank’s stock valued at $2,488,000 after buying an additional 179 shares during the last quarter. Finally, Prospector Partners LLC boosted its stake in SouthState by 0.3% during the third quarter. Prospector Partners LLC now owns 76,197 shares of the bank’s stock worth $5,133,000 after buying an additional 200 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.