SouthState Co. (NASDAQ:SSB) Receives $118.40 Average Price Target from Analysts

SouthState Co. (NASDAQ:SSB) has received an average rating of “Moderate Buy” from the ten analysts that are presently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $117.90.

A number of equities research analysts have recently weighed in on the stock. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and lifted their price target for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Stephens reaffirmed an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a report on Friday, March 7th. Barclays reduced their target price on SouthState from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Tuesday. UBS Group began coverage on SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target for the company. Finally, Raymond James upgraded shares of SouthState from an “outperform” rating to a “strong-buy” rating and reduced their price objective for the stock from $120.00 to $115.00 in a research note on Wednesday, April 2nd.

Insider Transactions at SouthState

In other news, CFO William E. V. Matthews sold 6,531 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total value of $707,241.99. Following the completion of the transaction, the chief financial officer now owns 34,107 shares of the company’s stock, valued at $3,693,447.03. This represents a 16.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director G Stacy Smith bought 3,100 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the transaction, the director now owns 36,779 shares in the company, valued at $3,442,514.40. This trade represents a 9.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Westwood Holdings Group Inc. grew its position in shares of SouthState by 2,221.8% in the 4th quarter. Westwood Holdings Group Inc. now owns 727,341 shares of the bank’s stock valued at $72,356,000 after buying an additional 696,014 shares during the last quarter. Norges Bank bought a new stake in SouthState in the fourth quarter valued at approximately $67,260,000. Capital Research Global Investors acquired a new stake in SouthState during the 4th quarter valued at approximately $60,311,000. Assenagon Asset Management S.A. bought a new position in SouthState during the 4th quarter worth approximately $21,498,000. Finally, JPMorgan Chase & Co. lifted its position in shares of SouthState by 51.4% in the 4th quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank’s stock worth $61,569,000 after purchasing an additional 210,019 shares during the period. 89.76% of the stock is owned by institutional investors.

SouthState Price Performance

NASDAQ:SSB opened at $87.29 on Monday. SouthState has a 52 week low of $70.68 and a 52 week high of $114.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The firm’s 50-day simple moving average is $95.62 and its 200 day simple moving average is $99.76. The firm has a market cap of $8.85 billion, a price-to-earnings ratio of 12.54 and a beta of 0.65.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were paid a dividend of $0.54 per share. The ex-dividend date was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.47%. SouthState’s payout ratio is presently 31.03%.

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.