Piper Sandler Trims SouthState (NASDAQ:SSB) Target Price to $95.00

SouthState (NASDAQ:SSB) had its price target reduced by Piper Sandler from $98.00 to $95.00 in a research report sent to investors on Monday, Benzinga reports. Piper Sandler currently has an overweight rating on the bank’s stock.

A number of other research analysts also recently issued reports on the stock. Raymond James downgraded shares of SouthState from an outperform rating to a market perform rating in a research report on Friday, January 5th. DA Davidson reiterated a buy rating and set a $102.00 price target (up previously from $96.00) on shares of SouthState in a research report on Monday, January 29th. Truist Financial decreased their price target on shares of SouthState from $89.00 to $84.00 and set a hold rating for the company in a research note on Monday. Finally, UBS Group lifted their price objective on SouthState from $88.00 to $90.00 and gave the company a neutral rating in a research report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $88.17.

SouthState Stock Down 1.1 %

Shares of NASDAQ:SSB opened at $77.08 on Monday. SouthState has a 12-month low of $59.51 and a 12-month high of $87.77. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.07. The stock’s 50-day moving average price is $81.23 and its 200-day moving average price is $79.09. The stock has a market capitalization of $5.88 billion, a P/E ratio of 11.99 and a beta of 0.74.

SouthState (NASDAQ:SSB) last posted its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $414.32 million. During the same period last year, the company earned $1.93 EPS. SouthState’s revenue for the quarter was down 8.2% compared to the same quarter last year. On average, equities analysts anticipate that SouthState will post 6.48 earnings per share for the current year.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be given a dividend of $0.52 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 2.70%. SouthState’s dividend payout ratio (DPR) is currently 33.93%.

Insiders Place Their Bets

In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the completion of the transaction, the insider now owns 35,828 shares in the company, valued at $2,902,068. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the sale, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction that occurred on Wednesday, March 20th. The stock was 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 of the company’s stock, valued at approximately $2,902,068. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC boosted its stake in shares of SouthState by 544.0% during the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after acquiring an additional 272 shares during the last quarter. TFO Wealth Partners LLC increased its stake in SouthState by 13,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after acquiring an additional 402 shares during the last quarter. Covestor Ltd raised its holdings in shares of SouthState by 50.5% during the 3rd quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after acquiring an additional 214 shares in the last quarter. International Assets Investment Management LLC grew its holdings 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 valued at $107,000 after purchasing an additional 1,252 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its position in SouthState by 10.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,250 shares of the bank’s stock worth $190,000 after purchasing an additional 205 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

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.