Brokerages Set SouthState Co. (NASDAQ:SSB) Price Target at $115.44

SouthState Co. (NASDAQ:SSB) has received a consensus rating of “Moderate Buy” from the nine research firms that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $115.44.

SSB has been the topic of a number of research analyst reports. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and increased their price objective for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Stephens reiterated an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research report on Friday, March 7th. Finally, UBS Group assumed coverage on shares of SouthState in a research report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target on the stock.

SouthState Trading Up 1.3 %

NASDAQ:SSB opened at $92.77 on Thursday. The stock has a market cap of $9.40 billion, a price-to-earnings ratio of 13.33 and a beta of 0.68. The company’s 50 day moving average price is $99.60 and its 200-day moving average price is $100.67. SouthState has a 52 week low of $70.68 and a 52 week high of $114.27. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were paid a dividend of $0.54 per share. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a yield of 2.33%. SouthState’s payout ratio is 31.03%.

Insider Activity at SouthState

In related news, CAO Sara Arana sold 1,991 shares of SouthState stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $100.78, for a total transaction of $200,652.98. Following the completion of the transaction, the chief accounting officer now directly owns 4,787 shares of the company’s stock, valued at approximately $482,433.86. The trade was a 29.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 6,531 shares of SouthState stock in a transaction dated 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. This represents a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SouthState

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SSB. Geode Capital Management LLC grew its position in shares of SouthState by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank’s stock worth $192,531,000 after buying an additional 93,312 shares during the last quarter. Northern Trust Corp grew its position in SouthState by 9.4% during the 4th quarter. Northern Trust Corp now owns 1,111,758 shares of the bank’s stock worth $110,598,000 after purchasing an additional 95,841 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in SouthState by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank’s stock worth $103,448,000 after purchasing an additional 52,042 shares during the last quarter. Fisher Asset Management LLC grew its position in SouthState by 19.6% during the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank’s stock worth $84,703,000 after purchasing an additional 139,602 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in SouthState by 4.7% during the 4th quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank’s stock worth $83,812,000 after purchasing an additional 37,796 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.