SouthState (NASDAQ:SSB – Free Report) had its price target lowered by Truist Financial from $89.00 to $84.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a hold rating on the bank’s stock.
A number of other brokerages have also issued reports on SSB. UBS Group upped their price target on shares of SouthState from $88.00 to $90.00 and gave the company a neutral rating in a research note on Monday, January 29th. Raymond James lowered shares of SouthState from an outperform rating to a market perform rating in a research note on Friday, January 5th. Finally, DA Davidson reiterated a buy rating and issued a $102.00 price objective (up previously from $96.00) on shares of SouthState in a research note on Monday, January 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $88.17.
Read Our Latest Stock Analysis on SouthState
SouthState Trading Up 1.3 %
Shares of SouthState stock opened at $78.27 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.07. SouthState has a 12-month low of $59.51 and a 12-month high of $87.77. The firm has a market capitalization of $5.97 billion, a price-to-earnings ratio of 12.77 and a beta of 0.75. The firm’s 50 day simple moving average is $80.86 and its two-hundred day simple moving average is $79.13.
SouthState (NASDAQ:SSB – Get Free Report) last issued 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 net margin of 20.91% and a return on equity of 9.24%. The business had revenue of $415.49 million for the quarter, compared to analyst estimates of $414.32 million. During the same quarter in the prior year, the business posted $1.93 EPS. SouthState’s revenue for the quarter was down 8.2% compared to the same quarter last year. Analysts predict that SouthState will post 6.37 EPS for the current year.
SouthState Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Thursday, May 9th. SouthState’s dividend payout ratio (DPR) is presently 33.93%.
Insider Buying and Selling
In related news, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction 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 sale, the insider now directly owns 35,828 shares of the company’s stock, valued at $2,902,068. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other SouthState news, President Richard Iv Murray sold 4,900 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the transaction, 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 legal filing with the SEC, which is accessible through the SEC website. Also, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction 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 transaction, the insider now directly owns 35,828 shares in the company, valued at $2,902,068. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.
Hedge Funds Weigh In On SouthState
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC lifted its holdings in SouthState by 544.0% during the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after purchasing an additional 272 shares in the last quarter. Fidelis Capital Partners LLC purchased a new position in shares of SouthState in the first quarter worth about $30,000. TFO Wealth Partners LLC lifted its stake in shares of SouthState by 13,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after buying an additional 402 shares in the last quarter. Covestor Ltd lifted its stake in shares of SouthState by 50.5% in the third quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after buying an additional 214 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its stake in shares of SouthState by 8,346.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock worth $107,000 after buying an additional 1,252 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.
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.
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Source: defenseworld.net
