SouthState (NASDAQ:SSB) Sets New 12-Month High – Here’s What Happened

Shares of SouthState Co. (NASDAQ:SSB) hit a new 52-week high on Wednesday . The company traded as high as $107.65 and last traded at $107.14, with a volume of 29498 shares trading hands. The stock had previously closed at $97.73.

Analyst Ratings Changes

SSB has been the subject of several analyst reports. Citigroup initiated coverage on shares of SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target for the company. Piper Sandler boosted their price target on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Truist Financial lowered their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th. DA Davidson boosted their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Finally, Hovde Group boosted their price target on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $105.11.

SouthState Stock Performance

The firm’s 50-day moving average is $97.48 and its 200 day moving average is $87.66. The stock has a market cap of $8.22 billion, a PE ratio of 16.62 and a beta of 0.66. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.92.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 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 company had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. During the same quarter in the prior year, the firm earned $1.62 EPS. SouthState’s quarterly revenue was down .4% on a year-over-year basis. As a group, research analysts anticipate that SouthState Co. will post 6.92 EPS for the current year.

SouthState Announces Dividend

The company 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 annualized dividend and a dividend yield of 2.01%. SouthState’s dividend payout ratio is currently 33.33%.

Insiders Place Their Bets

In other news, CFO William E. V. Matthews sold 5,000 shares of the 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 directly owns 36,964 shares in the company, valued at $3,696,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO William E. V. Matthews sold 5,000 shares of the 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 directly owns 36,964 shares in the company, valued at $3,696,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the 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 approximately $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SSB. Dimensional Fund Advisors LP raised its holdings in SouthState by 12.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock valued at $254,394,000 after buying an additional 371,987 shares during the period. Jupiter Asset Management Ltd. raised its holdings in SouthState by 270.2% in the first quarter. Jupiter Asset Management Ltd. now owns 353,700 shares of the bank’s stock valued at $30,075,000 after buying an additional 258,168 shares during the period. F M Investments LLC purchased a new position in SouthState in the second quarter valued at approximately $7,303,000. Stieven Capital Advisors L.P. purchased a new stake in shares of SouthState during the third quarter valued at approximately $9,086,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of SouthState during the second quarter valued at approximately $4,829,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

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.