SouthState Co. (NASDAQ:SSB) Given Consensus Recommendation of “Moderate Buy” by Brokerages

26 Sep 2024, 13:26 by Kim Johansen · The Markets Daily

SouthState Co. (NASDAQ:SSB – Get Free Report) has been assigned an average rating of “Moderate Buy” from the eight ratings firms that are covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $103.00.

SSB has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods raised their target price on SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, July 29th. DA Davidson increased their price target on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Stephens increased their price target on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Truist Financial increased their price target on SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Finally, Piper Sandler increased their price target on SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, May 29th.

View Our Latest Research Report on SSB

Insider Transactions at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction that occurred 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 transaction, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. The transaction was disclosed in a filing with the SEC, which is available at this link. In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction that occurred 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 owns 36,964 shares of the company’s stock, valued at $3,696,400. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 completion of the transaction, the insider now owns 33,328 shares in the company, valued at $3,332,800. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of SouthState in the fourth quarter valued at approximately $75,485,000. Corient Private Wealth LLC boosted its stake in shares of SouthState by 54.3% in the fourth quarter. Corient Private Wealth LLC now owns 11,189 shares of the bank’s stock valued at $945,000 after buying an additional 3,936 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of SouthState by 26.8% in the fourth quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock valued at $186,485,000 after buying an additional 466,144 shares in the last quarter. InterOcean Capital Group LLC purchased a new stake in shares of SouthState in the fourth quarter valued at approximately $1,082,000. Finally, Prospector Partners LLC boosted its stake in shares of SouthState by 1.1% in the fourth quarter. Prospector Partners LLC now owns 77,032 shares of the bank’s stock valued at $6,505,000 after buying an additional 835 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Stock Performance

Shares of SouthState stock opened at $94.84 on Thursday. The business has a 50-day moving average of $93.91 and a 200 day moving average of $83.91. SouthState has a 12 month low of $63.36 and a 12 month high of $102.82. The stock has a market capitalization of $7.23 billion, a price-to-earnings ratio of 15.47 and a beta of 0.67. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState (NASDAQ:SSB – Get Free Report) last announced its earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The company had revenue of $425.48 million during the quarter, compared to analysts’ expectations of $418.08 million. During the same period last year, the business posted $1.63 EPS. SouthState’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, sell-side analysts forecast that SouthState will post 6.69 earnings per share for the current year.

SouthState Increases Dividend

The firm also recently announced 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. This represents a $2.16 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from SouthState’s previous quarterly dividend of $0.23. SouthState’s dividend payout ratio (DPR) is 35.24%.

SouthState Company Profile

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