Piper Sandler Raises SouthState (NASDAQ:SSB) Price Target to $112.00

29 Oct 2024, 08:24 by Sarita Garza · The Markets Daily

SouthState (NASDAQ:SSB – Free Report) had its price objective raised by Piper Sandler from $110.00 to $112.00 in a research report report published on Friday morning, Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

A number of other research analysts also recently issued reports on the company. Hovde Group lifted their price target on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. DA Davidson boosted their target price on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Citigroup began coverage on shares of SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target for the company. Stephens lifted 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. Finally, Keefe, Bruyette & Woods increased their target price on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” 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’s stock. According to MarketBeat, SouthState currently has an average rating of “Moderate Buy” and a consensus target price of $103.56.

Read Our Latest Stock Report on SouthState

SouthState Stock Performance

SSB stock opened at $98.47 on Friday. SouthState has a 1-year low of $65.18 and a 1-year high of $103.82. The business has a 50-day moving average price of $96.48 and a 200 day moving average price of $86.49. The company has a market capitalization of $7.50 billion, a P/E ratio of 16.06 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 quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.26. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The firm had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. During the same quarter in the prior year, the company earned $1.62 EPS. The company’s revenue was down .4% compared to the same quarter last year. As a group, equities research analysts forecast that SouthState will post 6.69 EPS for the current fiscal year.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 8th will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 2.19%. SouthState’s payout ratio is 35.24%.

Insider Transactions at SouthState

In related news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s 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 directly owns 33,328 shares of the company’s stock, valued at $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On SouthState

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue boosted its stake in shares of SouthState by 7.3% in the third quarter. State of Alaska Department of Revenue now owns 8,817 shares of the bank’s stock worth $856,000 after buying an additional 600 shares during the last quarter. Nicholson Wealth Management Group LLC purchased a new stake in SouthState in the 3rd quarter worth approximately $693,000. International Assets Investment Management LLC increased its holdings in shares of SouthState by 9,620.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock valued at $142,000 after purchasing an additional 1,443 shares in the last quarter. Waldron Private Wealth LLC acquired a new position in shares of SouthState in the 3rd quarter valued at $35,000. Finally, Calton & Associates Inc. purchased a new stake in SouthState during the third quarter worth $435,000. 89.76% of the stock is owned by institutional investors and hedge funds.

About SouthState

(Get Free Report)