Citigroup started coverage on shares of SouthState (NASDAQ:SSB – Free Report) in a research note released on Thursday morning, Marketbeat.com reports. The firm issued a neutral rating and a $102.00 price objective on the bank’s stock.
Several other research firms have also recently commented on SSB. Hovde Group boosted their price target on shares of SouthState from $97.00 to $112.00 and gave the company an outperform rating in a report on Monday, July 29th. Truist Financial raised their target price on SouthState from $109.00 to $111.00 and gave the company a hold rating in a research note on Friday, September 20th. Keefe, Bruyette & Woods raised their price target on SouthState from $95.00 to $110.00 and gave the company an outperform rating in a report on Monday, July 29th. DA Davidson boosted their price objective on shares of SouthState from $102.00 to $112.00 and gave the company a buy rating in a report on Friday, July 26th. Finally, Stephens increased their price objective on shares of SouthState from $88.00 to $101.00 and gave the stock an equal weight rating in a research report on Monday, July 29th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, SouthState currently has a consensus rating of Moderate Buy and an average price target of $102.89.
Read Our Latest Analysis on SouthState
SouthState Stock Down 1.0 %
NASDAQ:SSB traded down $0.99 during mid-day trading on Thursday, hitting $95.43. The company had a trading volume of 111,307 shares, compared to its average volume of 476,471. The business has a fifty day simple moving average of $94.02 and a 200-day simple moving average of $84.90. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $7.27 billion, a price-to-earnings ratio of 15.73 and a beta of 0.67. SouthState has a 1 year low of $63.36 and a 1 year high of $102.82.
SouthState (NASDAQ:SSB – Get Free Report) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, topping the consensus estimate of $1.54 by $0.25. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The business had revenue of $425.48 million during the quarter, compared to analyst estimates of $418.08 million. During the same quarter in the prior year, the firm earned $1.63 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis. Equities analysts forecast that SouthState will post 6.69 earnings per share for the current fiscal year.
SouthState Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were given a dividend of $0.54 per share. The ex-dividend date was Friday, August 9th. This is a boost from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a dividend yield of 2.26%. SouthState’s dividend payout ratio is currently 35.24%.
Insider Buying and Selling at SouthState
In related news, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now owns 33,328 shares in the company, valued at $3,332,800. 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 at this link. In related news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction on Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On SouthState
Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in SouthState by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock worth $713,461,000 after acquiring an additional 54,147 shares during the period. Dimensional Fund Advisors LP lifted its stake in SouthState by 12.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock worth $254,394,000 after purchasing an additional 371,987 shares in the last quarter. Victory Capital Management Inc. boosted its stake in SouthState by 1.6% during the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock worth $214,157,000 after buying an additional 45,176 shares during the last quarter. American Century Companies Inc. boosted its holdings in SouthState by 2.4% in the 2nd quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock valued at $128,831,000 after purchasing an additional 39,492 shares during the last quarter. Finally, Earnest Partners LLC grew its holdings in shares of SouthState by 2.8% during the 2nd quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank’s stock worth $114,197,000 after purchasing an additional 40,879 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.
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.
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