SouthState Bank (NYSE:SSB) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of SouthState Bank (NYSE:SSB) from a hold rating to a sell rating in a research report report published on Saturday,Wall Street Zen reports.

Several other analysts also recently commented on the company. Truist Financial reduced their target price on SouthState Bank from $118.00 to $113.00 and set a “buy” rating for the company in a research note on Friday, October 9th. Fundamental Research set a $120.00 price target on SouthState Bank in a research note on Wednesday, July 1st. Stephens reiterated an “overweight” rating and issued a $116.00 price target on shares of SouthState Bank in a report on Monday, July 27th. Piper Sandler raised their price objective on SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. Finally, Citigroup raised their price objective on SouthState Bank from $115.00 to $126.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $118.62.

SouthState Bank Trading Up 0.0%

NYSE:SSB opened at $105.53 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $10.23 billion, a price-to-earnings ratio of 11.24 and a beta of 0.78. The firm has a fifty day simple moving average of $103.89 and a two-hundred day simple moving average of $100.08. SouthState Bank has a 12 month low of $84.47 and a 12 month high of $112.20.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Wednesday, October 21st. The company reported $2.30 earnings per share for the quarter, missing the consensus estimate of $2.40 by ($0.10). SouthState Bank had a net margin of 24.63% and a return on equity of 10.23%. The company had revenue of $685.43 million during the quarter, compared to the consensus estimate of $691.13 million. During the same period last year, the firm posted $2.58 earnings per share. Analysts expect that SouthState Bank will post 9.44 EPS for the current fiscal year.

SouthState Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, November 6th will be issued a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Friday, November 6th. SouthState Bank’s payout ratio is currently 28.12%.

Insider Buying and Selling at SouthState Bank

In other news, Director David R. Brooks sold 24,650 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the transaction, the director owned 7,900 shares in the company, valued at $869,000. The trade was a 75.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William Matthews sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total value of $435,720.00. Following the sale, the chief financial officer directly owned 40,568 shares of the company’s stock, valued at $4,419,072.24. The trade was a 8.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 34,831 shares of company stock valued at $3,814,274 in the last quarter. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SouthState Bank

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of SouthState Bank in the 2nd quarter worth approximately $981,557,000. Dimensional Fund Advisors LP raised its holdings in SouthState Bank by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,934,851 shares of the company’s stock valued at $456,554,000 after acquiring an additional 205,355 shares during the period. State Street Corp raised its stake in shares of SouthState Bank by 3.3% during the 2nd quarter. State Street Corp now owns 3,858,127 shares of the company’s stock valued at $385,427,000 after purchasing an additional 123,549 shares during the period. Wellington Management Group LLP boosted its stake in SouthState Bank by 15.4% in the 2nd quarter. Wellington Management Group LLP now owns 1,520,652 shares of the company’s stock worth $151,913,000 after purchasing an additional 202,931 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in SouthState Bank by 26.1% in the 1st quarter. Bank of New York Mellon Corp now owns 1,442,939 shares of the company’s stock worth $133,501,000 after purchasing an additional 298,821 shares during the period. 89.76% of the stock is currently owned by institutional investors.

SouthState Bank Company Profile

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.