SouthState (NASDAQ:SSB) PT Lowered to $103.00 at Truist Financial

SouthState (NASDAQ:SSB) had its target price lowered by Truist Financial from $111.00 to $103.00 in a research note issued to investors on Monday morning, Benzinga reports. The brokerage currently has a hold rating on the bank’s stock.

SSB has been the topic of a number of other research reports. DA Davidson raised their price target on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Stephens raised their price target on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods increased their price objective on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Hovde Group increased their price objective on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Finally, Piper Sandler increased their price objective on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $103.56.

SouthState Trading Up 2.8 %

NASDAQ SSB opened at $98.47 on Monday. The firm has a market cap of $7.50 billion, a P/E ratio of 16.06 and a beta of 0.67. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. The stock’s 50-day moving average is $96.48 and its 200-day moving average is $86.49. SouthState has a one year low of $65.18 and a one year high of $103.82.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. The company had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. SouthState’s revenue was down .4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.62 earnings per share. Sell-side analysts anticipate that SouthState will post 6.69 earnings per share for the current fiscal year.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 8th will be given a $0.54 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.19%. SouthState’s dividend payout ratio (DPR) is presently 35.24%.

Insider Buying and Selling at SouthState

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. SageView Advisory Group LLC acquired a new position in SouthState during the 1st quarter worth approximately $879,000. BNP Paribas Financial Markets raised its stake in SouthState by 82.5% during the 1st quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock worth $3,601,000 after buying an additional 19,138 shares during the period. Janney Montgomery Scott LLC raised its stake in SouthState by 107.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 19,006 shares of the bank’s stock worth $1,616,000 after buying an additional 9,843 shares during the period. Entropy Technologies LP acquired a new position in SouthState during the 1st quarter worth approximately $562,000. Finally, Wealth Enhancement Advisory Services LLC raised its stake in SouthState by 234.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank’s stock worth $2,003,000 after buying an additional 18,374 shares during the period. 89.76% of the stock is 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.