Analysts Set SouthState Co. (NASDAQ:SSB) Price Target at $115.44

Shares of SouthState Co. (NASDAQ:SSB) have received an average recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $115.44.

A number of analysts have commented on SSB shares. UBS Group initiated coverage on shares of SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Piper Sandler boosted their target price on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Truist Financial dropped 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 reaffirmed an “outperform” rating and set a $120.00 target price (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th.

SouthState Price Performance

Shares of NASDAQ SSB opened at $101.55 on Friday. The stock has a market cap of $7.75 billion, a P/E ratio of 14.59 and a beta of 0.70. The firm’s 50-day simple moving average is $101.65 and its 200 day simple moving average is $100.07. SouthState has a fifty-two week low of $70.68 and a fifty-two week high of $114.26. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.13%. The ex-dividend date was Friday, February 7th. SouthState’s dividend payout ratio is 31.03%.

Insider Activity at SouthState

In related news, CFO William E. V. Matthews sold 6,531 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the completion of the sale, the chief financial officer now owns 34,107 shares in the company, valued at approximately $3,693,447.03. This represents a 16.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.26% of the stock is currently owned by corporate insiders.

Institutional Trading of SouthState

Several large investors have recently added to or reduced their stakes in SSB. Waldron Private Wealth LLC purchased a new position in shares of SouthState during the third quarter valued at $35,000. Summit Securities Group LLC acquired a new stake in SouthState during the 4th quarter worth about $38,000. Aquatic Capital Management LLC purchased a new position in SouthState during the 4th quarter valued at about $45,000. Quadrant Capital Group LLC increased its holdings in shares of SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock valued at $51,000 after purchasing an additional 99 shares during the period. Finally, Headlands Technologies LLC acquired a new position in shares of SouthState in the 4th quarter valued at about $102,000. 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.