SouthState (NASDAQ:SSB) Sets New 52-Week High – What’s Next?

SouthState Co. (NASDAQ:SSB) shares hit a new 52-week high on Monday . The company traded as high as $113.46 and last traded at $113.13, with a volume of 41433 shares changing hands. The stock had previously closed at $109.00.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on SSB shares. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Piper Sandler raised their target price on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 price target (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Stephens boosted their price objective on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Citigroup assumed coverage on shares of SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $105.11.

SouthState Trading Up 2.0 %

The company has a fifty day moving average of $100.78 and a two-hundred day moving average of $90.41. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $8.64 billion, a price-to-earnings ratio of 17.16 and a beta of 0.66.

SouthState (NASDAQ:SSB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The business 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 business posted $1.62 earnings per share. The business’s revenue was down .4% compared to the same quarter last year. On average, research analysts expect that SouthState Co. will post 6.94 EPS for the current year.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were given a dividend of $0.54 per share. The ex-dividend date was Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 1.91%. SouthState’s payout ratio is currently 33.33%.

Insider Transactions at SouthState

In other news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. The trade was a 6.98 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer now owns 36,964 shares of the company’s stock, 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. Corporate insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC lifted its stake in SouthState by 234.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank’s stock valued at $2,003,000 after buying an additional 18,374 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of SouthState by 3.7% in the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after acquiring an additional 25,495 shares during the last quarter. BIP Wealth LLC lifted its position in shares of SouthState by 605.2% in the third quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock valued at $3,054,000 after acquiring an additional 26,966 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of SouthState by 14.4% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 123,482 shares of the bank’s stock valued at $9,437,000 after acquiring an additional 15,500 shares in the last quarter. Finally, Mesirow Institutional Investment Management Inc. boosted its stake in shares of SouthState by 17.6% during the second quarter. Mesirow Institutional Investment Management Inc. now owns 201,724 shares of the bank’s stock valued at $15,416,000 after acquiring an additional 30,234 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.