SouthState (NASDAQ:SSB) Given New $111.00 Price Target at Truist Financial

SouthState (NASDAQ:SSB) had its target price boosted by Truist Financial from $109.00 to $111.00 in a research report released on Friday, Benzinga reports. Truist Financial currently has a hold rating on the bank’s stock.

Several other research firms have also recently commented on SSB. Stephens raised their price target on SouthState from $88.00 to $101.00 and gave the company an equal weight rating in a report on Monday, July 29th. Hovde Group raised their target price on SouthState from $97.00 to $112.00 and gave the company an outperform rating in a report on Monday, July 29th. Keefe, Bruyette & Woods upped their price target on shares of SouthState from $95.00 to $110.00 and gave the stock an outperform rating in a research note on Monday, July 29th. DA Davidson increased their price target 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, Piper Sandler boosted their price objective on shares of SouthState from $95.00 to $98.00 and gave the stock an overweight rating in a report on Wednesday, May 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $103.00.

SouthState Stock Down 2.8 %

Shares of SouthState stock opened at $98.78 on Friday. SouthState has a one year low of $63.36 and a one year high of $102.82. The company has a market cap of $7.53 billion, a P/E ratio of 16.11 and a beta of 0.67. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a fifty day moving average of $93.43 and a two-hundred day moving average of $83.63.

SouthState (NASDAQ:SSB) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share (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 firm had revenue of $425.48 million during the quarter, compared to analysts’ expectations of $418.08 million. During the same period in the prior year, the company posted $1.63 earnings per share. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, analysts forecast that SouthState will post 6.7 earnings per share for the current year.

SouthState Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were given a $0.54 dividend. 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. This represents a $2.16 annualized dividend and a dividend yield of 2.19%. SouthState’s payout ratio is currently 35.24%.

Insider Buying and Selling at SouthState

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were 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 of the company’s stock, valued at $3,696,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the company’s 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 sale, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.

Institutional Trading of SouthState

A number of large investors have recently made changes to their positions in SSB. Parallel Advisors LLC raised its stake in SouthState by 544.0% in the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after purchasing an additional 272 shares during the last quarter. Fidelis Capital Partners LLC purchased a new position in shares of SouthState during the first quarter valued at approximately $30,000. TFO Wealth Partners LLC lifted its stake in shares of SouthState by 13,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after buying an additional 402 shares during the period. GAMMA Investing LLC boosted its position in SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after acquiring an additional 333 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in SouthState in the 2nd quarter worth approximately $97,000. Institutional investors and hedge funds 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.