SouthState (NASDAQ:SSB) Sees Strong Trading Volume

SouthState Co. (NASDAQ:SSBGet Free Report) saw strong trading volume on Monday . 234,019 shares changed hands during trading, a decline of 42% from the previous session’s volume of 404,777 shares.The stock last traded at $79.55 and had previously closed at $80.85.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Truist Financial lowered their price objective on shares of SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a research report on Monday, April 29th. Piper Sandler lowered their price target on SouthState from $98.00 to $95.00 and set an “overweight” rating for the company in a report on Monday, April 29th. UBS Group raised their target price 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, DA Davidson reiterated a “buy” rating and set a $102.00 price objective (up from $96.00) on shares of SouthState in a research note on Monday, January 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, SouthState has a consensus rating of “Hold” and an average price target of $88.17.

View Our Latest Research Report on SouthState

SouthState Stock Performance

The company has a market capitalization of $6.14 billion, a PE ratio of 13.05 and a beta of 0.75. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.05. The business has a 50 day simple moving average of $80.27 and a 200 day simple moving average of $80.40.

SouthState (NASDAQ:SSBGet Free Report) last released its earnings results on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The company had revenue of $415.49 million during the quarter, compared to analysts’ expectations of $414.32 million. During the same period last year, the business earned $1.93 EPS. SouthState’s revenue for the quarter was down 8.2% on a year-over-year basis. Equities research analysts predict that SouthState Co. will post 6.37 EPS for the current fiscal year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 10th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 2.58%. The ex-dividend date was Thursday, May 9th. SouthState’s payout ratio is 33.93%.

Insiders Place Their Bets

In other news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 business’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 sale, the insider now owns 35,828 shares of the company’s stock, valued at $2,902,068. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SouthState

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in SouthState by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock worth $713,461,000 after purchasing an additional 54,147 shares during the period. Victory Capital Management Inc. increased its holdings in SouthState by 1.2% in the third quarter. Victory Capital Management Inc. now owns 2,884,632 shares of the bank’s stock valued at $194,309,000 after buying an additional 35,291 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in SouthState by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,882,211 shares of the bank’s stock valued at $243,408,000 after buying an additional 94,637 shares in the last quarter. Franklin Resources Inc. lifted its holdings in SouthState by 26.8% during the 4th quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock worth $186,485,000 after buying an additional 466,144 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of SouthState by 0.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,123,353 shares of the bank’s stock valued at $95,519,000 after acquiring an additional 6,070 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

About SouthState

(Get Free Report)

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.

Further Reading

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