SouthState (NASDAQ:SSB) Coverage Initiated by Analysts at UBS Group

UBS Group began coverage on shares of SouthState (NASDAQ:SSB) in a research report report published on Tuesday, MarketBeat Ratings reports. The firm issued a buy rating and a $132.00 target price on the bank’s stock.

A number of other analysts have also issued reports on SSB. Piper Sandler raised their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 target price (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Citigroup assumed 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. Truist Financial decreased their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Finally, Stephens upgraded SouthState from an “equal weight” rating to an “overweight” rating in a report on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, SouthState currently has an average rating of “Moderate Buy” and an average price target of $109.78.

SouthState Stock Down 2.0 %

SSB opened at $106.31 on Tuesday. The business’s fifty day simple moving average is $104.42 and its 200 day simple moving average is $93.48. SouthState has a 52 week low of $70.68 and a 52 week high of $114.26. The firm has a market cap of $8.11 billion, a P/E ratio of 16.41 and a beta of 0.69. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. During the same period in the previous year, the firm posted $1.62 EPS. SouthState’s revenue was down .4% on a year-over-year basis. As a group, equities research analysts anticipate that SouthState will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were given a dividend of $0.54 per share. The ex-dividend date was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 2.03%. SouthState’s dividend payout ratio (DPR) is 33.33%.

Insider Activity at SouthState

In other SouthState 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 completion of the transaction, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. This represents a 11.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.26% of the stock is owned by insiders.

Institutional Trading of SouthState

Hedge funds have recently made changes to their positions in the company. Waldron Private Wealth LLC purchased a new stake in shares of SouthState during the third quarter worth about $35,000. UMB Bank n.a. grew its stake in SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after purchasing an additional 192 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in SouthState during the 2nd quarter worth approximately $97,000. International Assets Investment Management LLC raised its position in shares of SouthState by 9,620.0% in 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. Finally, Innealta Capital LLC purchased a new position in shares of SouthState during the 2nd quarter valued at approximately $133,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Company Profile

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.