Piper Sandler upgraded shares of SouthState (NASDAQ:SSB – Get Rating) from a neutral rating to an overweight rating in a research report released on Wednesday morning, MarketBeat.com reports. Piper Sandler currently has $96.00 target price on the bank's stock, up from their previous target price of $92.00.
A number of other equities research analysts also recently weighed in on the company. Raymond James reduced their target price on SouthState from $93.00 to $90.00 and set an outperform rating on the stock in a report on Thursday, July 7th. Keefe, Bruyette & Woods raised SouthState from a market perform rating to an outperform rating and raised their target price for the company from $94.00 to $100.00 in a report on Thursday, June 2nd. StockNews.com raised SouthState from a sell rating to a hold rating in a report on Monday, August 1st. Finally, Truist Financial raised their price objective on SouthState from $90.00 to $97.00 and gave the company a buy rating in a report on Monday, August 1st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $93.08.
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SouthState Price Performance
SouthState stock opened at $81.19 on Wednesday. The stock's fifty day moving average price is $81.48 and its two-hundred day moving average price is $79.69. SouthState has a one year low of $72.25 and a one year high of $93.34. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market cap of $6.14 billion, a PE ratio of 13.05 and a beta of 0.82.
SouthState (NASDAQ:SSB – Get Rating) last posted its quarterly earnings data on Thursday, July 28th. The bank reported $1.62 EPS for the quarter, topping analysts' consensus estimates of $1.53 by $0.09. SouthState had a return on equity of 9.98% and a net
margin of 30.18%. The firm had revenue of $383.29 million for the quarter, compared to analyst estimates of $390.97 million. During the same quarter last year, the company earned $1.87 EPS. The company's revenue was down 2.0% on a year-over-year basis. As a group, research analysts expect that SouthState will post 7.12 EPS for the current fiscal year.
SouthState Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 19th. Investors of record on Friday, August 12th were issued a dividend of $0.50 per share. This is an increase from SouthState's previous quarterly dividend of $0.49. The ex-dividend date was Thursday, August 11th. This represents a $2.00 annualized dividend and a dividend yield of 2.46%. SouthState's dividend payout ratio (DPR) is 32.15%.
Insider Buying and Selling
In related news, COO Renee R. Brooks sold 4,000 shares of the firm's stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $82.35, for a total transaction of $329,400.00. Following the completion of the transaction, the chief operating officer now directly owns 28,543 shares of the company's stock, valued at approximately $2,350,516.05. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Douglas Lloyd Williams sold 18,666 shares of the firm's stock in a transaction on Friday, July 29th. The stock was sold at an average price of $85.06, for a total transaction of $1,587,729.96. Following the completion of the transaction, the insider now directly owns 70,603 shares of the company's stock, valued at approximately $6,005,491.18. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Renee R. Brooks sold 4,000 shares of the firm's stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $82.35, for a total value of $329,400.00. Following the transaction, the chief operating officer now directly owns 28,543 shares of the company's stock, valued at $2,350,516.05. The disclosure for this sale can be found here. Insiders sold a total of 55,704 shares of company stock valued at $4,714,798 in the last three months. Insiders own 1.88% of the company's stock.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in the business. Creative Planning raised its position in shares of SouthState by 2.8% in the 2nd quarter. Creative Planning now owns 5,466 shares of the bank's stock worth $422,000 after acquiring an additional 151 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of SouthState by 2.7% in the 4th quarter. Principal Financial Group Inc. now owns 6,057 shares of the bank's stock worth $485,000 after acquiring an additional 160 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in shares of SouthState by 31.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 730 shares of the bank's stock worth $58,000 after acquiring an additional 173 shares in the last quarter. Signaturefd LLC raised its position in shares of SouthState by 1.5% in the 1st quarter. Signaturefd LLC now owns 11,748 shares of the bank's stock worth $959,000 after acquiring an additional 179 shares in the last quarter. Finally, DAVENPORT & Co LLC raised its position in shares of SouthState by 2.7% in the 1st quarter. DAVENPORT & Co LLC now owns 7,257 shares of the bank's stock worth $592,000 after acquiring an additional 193 shares in the last quarter. 86.88% of the stock is owned by institutional investors.
SouthState Company Profile
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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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.
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