SouthState (NASDAQ:SSB) Upgraded at Raymond James

Raymond James upgraded shares of SouthState (NASDAQ:SSBFree Report) from a market perform rating to an outperform rating in a report published on Tuesday morning, MarketBeat.com reports. They currently have $90.00 price objective on the bank’s stock.

A number of other analysts have also recently weighed in on SSB. Truist Financial lowered their price target on shares of SouthState from $89.00 to $84.00 and set a hold rating on the stock in a report on Monday, April 29th. UBS Group increased their price objective on SouthState from $88.00 to $90.00 and gave the company a neutral rating in a report on Monday, January 29th. DA Davidson restated a buy rating and set a $102.00 target price (up from $96.00) on shares of SouthState in a research note on Monday, January 29th. Finally, Piper Sandler decreased their price target on SouthState from $98.00 to $95.00 and set an overweight rating for the company in a research note on Monday, April 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, SouthState presently has an average rating of Hold and an average price target of $89.83.

Check Out Our Latest Research Report on SouthState

SouthState Stock Performance

Shares of SSB stock opened at $76.36 on Tuesday. The company’s 50 day moving average is $79.98 and its 200 day moving average is $80.47. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.05. The firm has a market cap of $5.82 billion, a price-to-earnings ratio of 12.46 and a beta of 0.75. SouthState has a 52-week low of $62.09 and a 52-week high of $87.77.

SouthState (NASDAQ:SSBGet Free Report) last announced its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The business had revenue of $415.49 million for the quarter, compared to the consensus estimate of $414.32 million. During the same period last year, the business posted $1.93 EPS. The business’s revenue was down 8.2% compared to the same quarter last year. On average, sell-side analysts anticipate that SouthState will post 6.33 EPS for the current fiscal year.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Friday, May 10th were paid a dividend of $0.52 per share. The ex-dividend date was Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 2.72%. SouthState’s payout ratio is presently 33.93%.

Insider Activity

In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the completion of the sale, the insider now directly owns 35,828 shares in the company, valued at approximately $2,902,068. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total transaction of $401,065.00. Following the sale, the president now directly owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Daniel E. Bockhorst sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at $2,902,068. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On SouthState

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in SouthState during the fourth quarter valued at $75,485,000. Franklin Resources Inc. increased its stake in shares of SouthState by 26.8% in the 4th quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock valued at $186,485,000 after purchasing an additional 466,144 shares in the last quarter. Jupiter Asset Management Ltd. raised its holdings in SouthState by 270.2% in the 1st quarter. Jupiter Asset Management Ltd. now owns 353,700 shares of the bank’s stock worth $30,075,000 after purchasing an additional 258,168 shares during the period. Capital World Investors boosted its position in SouthState by 31.8% during the fourth quarter. Capital World Investors now owns 620,510 shares of the bank’s stock worth $52,402,000 after purchasing an additional 149,745 shares in the last quarter. Finally, Capital International Investors grew its holdings in SouthState by 24.2% in the fourth quarter. Capital International Investors now owns 596,520 shares of the bank’s stock valued at $50,376,000 after purchasing an additional 116,313 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

About SouthState

(Get Free Report)

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.

Read More

Analyst Recommendations for SouthState (NASDAQ:SSB)

Receive News & Ratings for SouthState Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SouthState and related companies with MarketBeat.com's FREE daily email newsletter.