Barclays Cuts SouthState (NASDAQ:SSB) Price Target to $115.00

SouthState (NASDAQ:SSB) had its price objective cut by Barclays from $120.00 to $115.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

SSB has been the subject of several other reports. Raymond James upgraded SouthState from an “outperform” rating to a “strong-buy” rating and dropped their target price for the company from $120.00 to $115.00 in a research note on Wednesday, April 2nd. UBS Group started coverage on shares of SouthState in a report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price objective on the stock. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and raised their target price for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Finally, Stephens reaffirmed an “overweight” rating and set a $130.00 price target on shares of SouthState in a research report on Friday, March 7th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $117.90.

SouthState Stock Down 6.9 %

SSB stock opened at $81.31 on Tuesday. SouthState has a one year low of $70.68 and a one year high of $114.27. The stock has a market capitalization of $8.24 billion, a P/E ratio of 11.68 and a beta of 0.65. The company has a 50 day moving average price of $95.18 and a two-hundred day moving average price of $99.64. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.66%. SouthState’s payout ratio is 31.03%.

Insider Activity at SouthState

In related news, CFO William E. V. Matthews sold 6,531 shares of the business’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 transaction of $707,241.99. Following the transaction, the chief financial officer now directly owns 34,107 shares of the company’s stock, valued at approximately $3,693,447.03. The trade was a 16.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director G Stacy Smith acquired 3,100 shares of the stock in a transaction on Thursday, March 6th. The stock was purchased at an average cost of $93.60 per share, with a total value of $290,160.00. Following the transaction, the director now directly owns 36,779 shares of the company’s stock, valued at $3,442,514.40. This represents a 9.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SSB. Summit Securities Group LLC purchased a new stake in SouthState during the 4th quarter worth $38,000. Aquatic Capital Management LLC acquired a new stake in shares of SouthState during the fourth quarter valued at about $45,000. Quadrant Capital Group LLC increased its position in shares of SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock worth $51,000 after acquiring an additional 99 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of SouthState by 577.4% in the first quarter. Versant Capital Management Inc now owns 569 shares of the bank’s stock worth $53,000 after acquiring an additional 485 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in SouthState by 181.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank’s stock valued at $54,000 after purchasing an additional 378 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

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.