Keefe, Bruyette & Woods Reaffirms “Outperform” Rating for SouthState (NASDAQ:SSB)

Keefe, Bruyette & Woods reiterated their outperform rating on shares of SouthState (NASDAQ:SSB) in a research report report published on Thursday,Benzinga reports. Keefe, Bruyette & Woods currently has a $120.00 price target on the bank’s stock, up from their prior price target of $115.00.

Other analysts have also issued research reports about the stock. Stephens upped their target price on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Hovde Group lifted their target price on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Piper Sandler lifted their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. DA Davidson raised their target price on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Truist Financial cut their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, SouthState has an average rating of “Moderate Buy” and an average price target of $105.11.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $108.39 on Thursday. SouthState has a twelve month low of $67.72 and a twelve month high of $111.99. The stock’s 50 day moving average is $97.71 and its 200-day moving average is $87.97. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $8.27 billion, a price-to-earnings ratio of 15.62 and a beta of 0.66.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.26. The business had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.62 EPS. Sell-side analysts forecast that SouthState will post 6.92 EPS for the current fiscal year.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 8th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 1.99%. SouthState’s dividend payout ratio is presently 33.33%.

Insider Transactions at SouthState

In related news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the transaction, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

Institutional Trading of SouthState

Several hedge funds have recently added to or reduced their stakes in the business. Waldron Private Wealth LLC bought a new stake in shares of SouthState during the 3rd quarter valued at about $35,000. GAMMA Investing LLC raised its position in shares of SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after acquiring an additional 333 shares in the last quarter. UMB Bank n.a. lifted its stake in shares of SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after purchasing an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of SouthState during the second quarter valued at approximately $97,000. Finally, Innealta Capital LLC purchased a new stake in SouthState in the second quarter worth $133,000. 89.76% of the stock is owned by 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.