SouthState (NASDAQ:SSB) Sets New 12-Month High – Here’s What Happened

SouthState Co. (NASDAQ:SSB) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $107.65 and last traded at $107.14, with a volume of 29498 shares trading hands. The stock had previously closed at $97.73.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Truist Financial reduced their target price 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. Hovde Group lifted their price target on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Stephens lifted their price target 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. Piper Sandler lifted their price target on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 price target (up from $115.00) on shares of SouthState in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, SouthState presently has an average rating of “Moderate Buy” and a consensus price target of $105.11.

SouthState Trading Down 3.4 %

The company has a market cap of $8.22 billion, a price-to-earnings ratio of 16.62 and a beta of 0.66. 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 company’s 50-day moving average is $97.48 and its 200 day moving average is $87.66.

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

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 8th will be given a $0.54 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.01%. SouthState’s dividend payout ratio (DPR) is 33.33%.

Insider Activity

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

Institutional Investors Weigh In On SouthState

Institutional investors and hedge funds have recently made changes to their positions in the stock. Waldron Private Wealth LLC purchased a new stake in shares of SouthState in the 3rd quarter valued at approximately $35,000. UMB Bank n.a. raised 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 acquiring an additional 192 shares during the period. GAMMA Investing LLC grew its holdings in shares of SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after purchasing an additional 333 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of SouthState in the second quarter valued at approximately $97,000. Finally, International Assets Investment Management LLC grew its holdings in shares of SouthState by 9,620.0% in the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock valued at $142,000 after purchasing an additional 1,443 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.