SouthState Co. (NASDAQ:SSB) Receives Consensus Recommendation of “Hold” from Brokerages

SouthState Co. (NASDAQ:SSB) has received a consensus recommendation of “Hold” from the five ratings firms that are covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $87.80.

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

SouthState Stock Down 1.3 %

Shares of NASDAQ:SSB opened at $77.95 on Monday. 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 has a one year low of $59.51 and a one year high of $87.77. The firm has a fifty day moving average price of $81.40 and a two-hundred day moving average price of $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 (NASDAQ:SSB) last released its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.03. The firm had revenue of $415.49 million for the quarter, compared to analysts’ expectations of $414.32 million. SouthState had a return on equity of 9.32% and a net margin of 20.91%. The company’s revenue was down 8.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.93 EPS. Analysts anticipate that SouthState will post 6.48 EPS for the current fiscal year.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 2.67%. SouthState’s payout ratio is presently 33.93%.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

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

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.