SouthState (NASDAQ:SSB) Price Target Lowered to $84.00 at Truist Financial

SouthState (NASDAQ:SSB) had its price objective trimmed by Truist Financial from $89.00 to $84.00 in a research report released on Monday morning, Benzinga reports. The firm currently has a hold rating on the bank’s stock.

A number of other research analysts also recently weighed in on SSB. UBS Group increased their price objective on shares of SouthState from $88.00 to $90.00 and gave the company a neutral rating in a research report on Monday, January 29th. DA Davidson reaffirmed a buy rating and set a $102.00 target price (up from $96.00) on shares of SouthState in a report on Monday, January 29th. Finally, Raymond James cut shares of SouthState from an outperform rating to a market perform rating in a report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $88.17.

SouthState Trading Down 1.1 %

Shares of NASDAQ SSB opened at $77.08 on Monday. The firm’s 50 day moving average price is $81.23 and its 200-day moving average price is $79.09. The company has a market cap of $5.88 billion, a PE ratio of 11.99 and a beta of 0.74. SouthState has a 52-week low of $59.51 and a 52-week high of $87.77. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.89 and a current ratio of 0.89.

SouthState (NASDAQ:SSB) last issued its 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. The firm had revenue of $415.49 million for the quarter, compared to the consensus estimate of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The business’s revenue was down 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.93 earnings per share. On average, equities research analysts expect that SouthState will post 6.48 EPS for the current fiscal year.

SouthState Dividend Announcement

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

Insider Transactions at SouthState

In other 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 value 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 $2,902,068. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, President Richard Iv Murray sold 4,900 shares of the firm’s 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 completion of 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s 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 of the company’s stock, valued at $2,902,068. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On SouthState

Several institutional investors have recently bought and sold shares of SSB. Parallel Advisors LLC lifted its position 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 during the last quarter. TFO Wealth Partners LLC lifted its position in SouthState by 13,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after purchasing an additional 402 shares during the last quarter. Covestor Ltd lifted its position in SouthState by 50.5% during the third quarter. Covestor Ltd now owns 638 shares of the bank’s stock valued at $43,000 after purchasing an additional 214 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in shares of SouthState by 8,346.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock worth $107,000 after acquiring an additional 1,252 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of SouthState by 10.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,250 shares of the bank’s stock worth $190,000 after acquiring an additional 205 shares during the last quarter. 89.76% of the stock is 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.