Brokerages Set SouthState Co. (NASDAQ:SSB) Price Target at $91.00

Shares of SouthState Co. (NASDAQ:SSBGet Free Report) have earned an average recommendation of “Moderate Buy” from the seven analysts that are presently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $91.00.

Several equities analysts recently weighed in on SSB shares. Truist Financial decreased their target price on shares of SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a research note on Monday, April 29th. Keefe, Bruyette & Woods raised their target price on shares of SouthState from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, May 28th. Raymond James raised shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 target price for the company in a research note on Tuesday, May 21st. Finally, Piper Sandler lifted their price objective on shares of SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 29th.

Check Out Our Latest Research Report on SouthState

Insider Transactions at SouthState

In other news, President Richard Iv Murray sold 4,900 shares of SouthState stock in a transaction 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 sale, the president now owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, President Richard Iv Murray sold 4,900 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the transaction, the president now owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 value of $243,000.00. Following the completion of the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC grew its position in SouthState by 544.0% in the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after acquiring an additional 272 shares during the last quarter. Fidelis Capital Partners LLC bought a new stake in shares of SouthState during the first quarter worth about $30,000. TFO Wealth Partners LLC grew its holdings in shares of SouthState by 13,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after purchasing an additional 402 shares during the last quarter. Covestor Ltd grew its holdings in shares of SouthState by 50.5% during the third quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after purchasing an additional 214 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in shares of SouthState by 8,346.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock worth $107,000 after purchasing an additional 1,252 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

SouthState Price Performance

Shares of SSB opened at $71.30 on Tuesday. The stock has a market capitalization of $5.43 billion, a P/E ratio of 11.63 and a beta of 0.71. SouthState has a twelve month low of $63.36 and a twelve month high of $87.77. The company has a 50 day moving average of $77.75 and a 200-day moving average of $80.76. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.05.

SouthState (NASDAQ:SSBGet Free Report) last issued its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.03. The company had revenue of $415.49 million during the quarter, compared to analysts’ expectations of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The business’s quarterly revenue was down 8.2% on a year-over-year basis. During the same period last year, the business earned $1.93 EPS. As a group, equities research analysts forecast that SouthState will post 6.34 EPS for the current fiscal year.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Friday, May 10th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 2.92%. SouthState’s dividend payout ratio (DPR) is 33.93%.

SouthState Company Profile

(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.

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Analyst Recommendations for SouthState (NASDAQ:SSB)

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