SouthState (NASDAQ:SSB) Cut to Market Perform at Hovde Group

Hovde Group cut shares of SouthState (NASDAQ:SSB) from an outperform rating to a market perform rating in a research report report published on Wednesday morning, Marketbeat reports.

A number of other analysts have also recently commented on SSB. Stephens upped their price target on shares of SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Citigroup assumed coverage on SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price on the stock. DA Davidson raised their price target on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Truist Financial decreased their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 target price (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, SouthState presently has an average rating of “Hold” and a consensus target price of $105.11.

SouthState Trading Down 0.4 %

NASDAQ:SSB opened at $106.07 on Wednesday. SouthState has a 12 month low of $70.68 and a 12 month high of $113.14. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The firm’s 50 day moving average is $98.93 and its 200 day moving average is $88.96. The stock has a market capitalization of $8.09 billion, a PE ratio of 16.37 and a beta of 0.66.

SouthState (NASDAQ:SSB) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same period in the previous year, the company posted $1.62 earnings per share. The business’s revenue was down .4% on a year-over-year basis. Sell-side analysts expect that SouthState will post 6.92 earnings per share for the current year.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.04%. The ex-dividend date was Friday, November 8th. SouthState’s dividend payout ratio (DPR) is 33.33%.

Insider Activity at SouthState

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was 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 approximately $3,332,800. This represents a 6.98 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the transaction, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. This trade represents a 11.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SouthState

A number of hedge funds have recently made changes to their positions in SSB. Nicholas Hoffman & Company LLC. boosted its holdings in SouthState by 0.6% during the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock valued at $1,472,000 after acquiring an additional 123 shares during the period. Raymond James & Associates boosted its stake in shares of SouthState by 0.6% during the second quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock valued at $1,631,000 after purchasing an additional 126 shares during the period. Chicago Partners Investment Group LLC grew its holdings in shares of SouthState by 7.0% in the third quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock worth $274,000 after purchasing an additional 186 shares during the last quarter. UMB Bank n.a. increased its stake in shares of SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after buying an additional 192 shares during the period. Finally, KBC Group NV raised its holdings in SouthState by 16.3% during the 3rd quarter. KBC Group NV now owns 2,296 shares of the bank’s stock valued at $223,000 after buying an additional 321 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

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.