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SouthState (NASDAQ:SSB) Upgraded to "Overweight" at Piper Sandler

Financial News Live · Oct 2, 2022 03:21

Piper Sandler upgraded shares of SouthState (NASDAQ:SSB – Get Rating) from a neutral rating to an overweight rating in a report published on Wednesday, Marketbeat Ratings reports. The firm currently has $96.00 price target on the bank's stock, up from their prior price target of $92.00.

Other equities analysts have also recently issued research reports about the stock. Truist Financial raised their price target on shares of SouthState from $90.00 to $97.00 and gave the company a buy rating in a research report on Monday, August 1st. StockNews.com raised shares of SouthState from a sell rating to a hold rating in a report on Monday, August 1st. Raymond James lowered their price target on shares of SouthState from $93.00 to $90.00 and set an outperform rating on the stock in a report on Thursday, July 7th. Finally, Keefe, Bruyette & Woods raised shares of SouthState from a market perform rating to an outperform rating and lifted their price target for the stock from $94.00 to $100.00 in a report on Thursday, June 2nd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, SouthState presently has a consensus rating of Moderate Buy and a consensus target price of $93.08.

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SouthState Stock Down 0.3 %

Shares of SSB opened at $79.12 on Wednesday. SouthState has a 52 week low of $72.25 and a 52 week high of $93.34. The stock has a market capitalization of $5.99 billion, a price-to-earnings ratio of 12.72 and a beta of 0.82. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a fifty day moving average of $81.47 and a 200-day moving average of $79.55.

SouthState (NASDAQ:SSB – Get Rating) last announced its quarterly earnings results on Thursday, July 28th. The bank reported $1.62 EPS for the quarter, beating analysts' consensus estimates of $1.53 by $0.09. The company had revenue of $383.29 million during the quarter, compared to analysts' expectations of $390.97 million. SouthState had a return on equity of 9.98% and a net margin of 30.18%. SouthState's revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.87 EPS. As a group, sell-side analysts anticipate that SouthState will post 7.17 earnings per share for the current fiscal year.

SouthState Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 19th. Shareholders of record on Friday, August 12th were paid a $0.50 dividend. The ex-dividend date was Thursday, August 11th. This is an increase from SouthState's previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a yield of 2.53%. SouthState's payout ratio is currently 32.15%.

Insiders Place Their Bets

In other news, Director Robert R. Horger sold 1,150 shares of the company's stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $83.00, for a total transaction of $95,450.00. Following the completion of the transaction, the director now directly owns 33,464 shares of the company's stock, valued at $2,777,512. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other SouthState news, Chairman Robert R. Hill, Jr. sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $83.88, for a total value of $838,800.00. Following the sale, the chairman now owns 92,311 shares in the company, valued at $7,743,046.68. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert R. Horger sold 1,150 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $83.00, for a total transaction of $95,450.00. Following the sale, the director now owns 33,464 shares in the company, valued at approximately $2,777,512. The disclosure for this sale can be found here. Insiders sold 55,704 shares of company stock valued at $4,714,798 over the last three months. Insiders own 1.88% of the company's stock.

Institutional Investors Weigh In On SouthState

A number of institutional investors have recently made changes to their positions in SSB. Principal Financial Group Inc. grew its holdings in shares of SouthState by 2.7% during the fourth quarter. Principal Financial Group Inc. now owns 6,057 shares of the bank's stock valued at $485,000 after buying an additional 160 shares during the last quarter. HighTower Advisors LLC lifted its position in SouthState by 17.5% during the fourth quarter. HighTower Advisors LLC now owns 3,762 shares of the bank's stock valued at $301,000 after purchasing an additional 561 shares during the period. JPMorgan Chase & Co. lifted its position in SouthState by 104.3% during the fourth quarter. JPMorgan Chase & Co. now owns 169,396 shares of the bank's stock valued at $13,570,000 after purchasing an additional 86,470 shares during the period. Rockefeller Capital Management L.P. raised its position in SouthState by 31.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 730 shares of the bank's stock worth $58,000 after acquiring an additional 173 shares during the period. Finally, Credit Suisse AG raised its position in SouthState by 6.8% in the fourth quarter. Credit Suisse AG now owns 62,774 shares of the bank's stock worth $5,029,000 after acquiring an additional 3,978 shares during the period. Hedge funds and other institutional investors own 86.88% of the company's stock.

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.