Truist Financial Boosts SouthState (NASDAQ:SSB) Price Target to $111.00

SouthState (NASDAQ:SSB) had its price target lifted by Truist Financial from $109.00 to $111.00 in a research note issued to investors on Friday, Benzinga reports. They currently have a hold rating on the bank’s stock.

Several other equities analysts have also recently commented on SSB. Keefe, Bruyette & Woods raised their price target on shares of SouthState from $95.00 to $110.00 and gave the company an outperform rating in a research report on Monday, July 29th. Piper Sandler lifted their target price on SouthState from $95.00 to $98.00 and gave the company an overweight rating in a report on Wednesday, May 29th. Stephens upped their price target on SouthState from $88.00 to $101.00 and gave the stock an equal weight rating in a report on Monday, July 29th. DA Davidson lifted their price objective on SouthState from $102.00 to $112.00 and gave the company a buy rating in a research note on Friday, July 26th. Finally, Hovde Group upped their target price 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $103.00.

SouthState Trading Down 2.8 %

Shares of NASDAQ SSB opened at $98.78 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $7.53 billion, a PE ratio of 16.11 and a beta of 0.67. SouthState has a twelve month low of $63.36 and a twelve month high of $102.82. The stock has a fifty day simple moving average of $93.43 and a 200-day simple moving average of $83.63.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.25. The company had revenue of $425.48 million during the quarter, compared to the consensus estimate of $418.08 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. SouthState’s revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.63 EPS. On average, equities analysts forecast that SouthState will post 6.7 earnings per share for the current year.

SouthState Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from SouthState’s previous quarterly dividend of $0.23. SouthState’s dividend payout ratio (DPR) is 35.24%.

Insider Buying and Selling

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

Institutional Investors Weigh In On SouthState

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of SouthState by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock valued at $713,461,000 after acquiring an additional 54,147 shares during the period. Dimensional Fund Advisors LP grew its position in SouthState by 12.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock worth $254,394,000 after purchasing an additional 371,987 shares during the last quarter. Victory Capital Management Inc. increased its stake in SouthState by 1.6% in the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock valued at $214,157,000 after purchasing an additional 45,176 shares during the period. American Century Companies Inc. raised its holdings in shares of SouthState by 2.4% in the second quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock valued at $128,831,000 after buying an additional 39,492 shares during the last quarter. Finally, Earnest Partners LLC raised its holdings in shares of SouthState by 2.8% in the second quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank’s stock valued at $114,197,000 after buying an additional 40,879 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

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.