SouthState (NASDAQ:SSB) Stock Rating Upgraded by Raymond James

Raymond James upgraded shares of SouthState (NASDAQ:SSB) from a market perform rating to an outperform rating in a research note published on Tuesday morning, Marketbeat.com reports. They currently have $90.00 target price on the bank’s stock.

SSB has been the topic of a number of other research reports. DA Davidson restated a buy rating and issued a $102.00 price objective (up previously from $96.00) on shares of SouthState in a report on Monday, January 29th. Piper Sandler reduced 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. Truist Financial cut their price objective on shares of SouthState from $89.00 to $84.00 and set a hold rating on the stock in a research report on Monday, April 29th. Finally, UBS Group boosted their price objective on shares of SouthState from $88.00 to $90.00 and gave the stock a neutral rating in a report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, SouthState currently has a consensus rating of Hold and a consensus price target of $89.83.

SouthState Price Performance

SSB opened at $77.19 on Tuesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.89 and a current ratio of 0.90. The stock has a market capitalization of $5.88 billion, a PE ratio of 11.72 and a beta of 0.75. The stock’s 50 day moving average price is $79.93 and its 200-day moving average price is $80.51. SouthState has a 52-week low of $62.09 and a 52-week high of $87.77.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data 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 business had revenue of $415.49 million for the quarter, compared to analysts’ expectations of $414.32 million. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The business’s revenue was down 8.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.93 EPS. On average, equities research analysts predict that SouthState will post 6.33 EPS for the current year.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Friday, May 10th were given a dividend of $0.52 per share. The ex-dividend date was Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 2.69%. SouthState’s dividend payout ratio (DPR) is presently 33.93%.

Insider Transactions at SouthState

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

Institutional Investors Weigh In On SouthState

A number of institutional investors have recently added to or reduced their stakes in the stock. Hancock Whitney Corp acquired a new position in SouthState during the 1st quarter valued at about $564,000. Price T Rowe Associates Inc. MD boosted its holdings in SouthState by 6.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 49,792 shares of the bank’s stock valued at $4,234,000 after purchasing an additional 2,899 shares during the last quarter. Gamco Investors INC. ET AL boosted its position in SouthState by 2.8% in the 1st quarter. Gamco Investors INC. ET AL now owns 53,466 shares of the bank’s stock worth $4,546,000 after purchasing an additional 1,458 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its position in SouthState by 1.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 78,788 shares of the bank’s stock valued at $6,699,000 after buying an additional 1,100 shares during the period. Finally, Bessemer Group Inc. lifted its stake in SouthState by 7.1% in the first quarter. Bessemer Group Inc. now owns 159,277 shares of the bank’s stock worth $13,544,000 after acquiring an additional 10,504 shares during the last quarter. 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.