SouthState (NASDAQ:SSB) Coverage Initiated at UBS Group

UBS Group started coverage on shares of SouthState (NASDAQ:SSB – Get Rating) in a research note published on Wednesday morning, The Fly reports. The firm issued a neutral rating and a $79.00 price objective on the bank’s stock.

Several other research analysts have also issued reports on the stock. Keefe, Bruyette & Woods decreased their price target on shares of SouthState from $110.00 to $100.00 and set an outperform rating on the stock in a research report on Tuesday, January 31st. Truist Financial cut their target price on SouthState from $96.00 to $91.00 and set a buy rating on the stock in a research report on Wednesday, February 1st. StockNews.com raised SouthState from a sell rating to a hold rating in a research report on Wednesday, March 1st. Finally, Raymond James cut their target price on SouthState from $98.00 to $95.00 and set an outperform rating on the stock in a research report on Monday, January 30th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, SouthState presently has an average rating of Moderate Buy and an average target price of $92.00.

SouthState Stock Performance

Shares of NASDAQ SSB opened at $72.76 on Wednesday. SouthState has a 1 year low of $66.56 and a 1 year high of $91.74. The firm has a market cap of $5.52 billion, a P/E ratio of 11.04 and a beta of 0.81. The stock has a fifty day moving average price of $79.12 and a two-hundred day moving average price of $81.35. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85.

SouthState (NASDAQ:SSB – Get Rating) last issued its quarterly earnings results on Friday, January 27th. The bank reported $1.90 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.16). The business had revenue of $459.40 million during the quarter, compared to the consensus estimate of $447.26 million. SouthState had a return on equity of 10.56% and a net margin of 29.01%. SouthState’s revenue was up 31.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.59 earnings per share. Research analysts forecast that SouthState will post 8.12 EPS for the current fiscal year.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 17th. Investors of record on Friday, February 10th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.75%. The ex-dividend date of this dividend was Thursday, February 9th. SouthState’s payout ratio is 30.35%.

Insider Activity at SouthState

In other SouthState news, Director G Ruffner Page, Jr. purchased 14,000 shares of the company’s stock in a transaction that occurred on Friday, March 10th. The shares were purchased at an average cost of $71.75 per share, with a total value of $1,004,500.00. Following the completion of the transaction, the director now owns 72,963 shares of the company’s stock, valued at $5,235,095.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other SouthState news, Director G Ruffner Page, Jr. purchased 14,000 shares of the company’s stock in a transaction that occurred on Friday, March 10th. The shares were purchased at an average cost of $71.75 per share, with a total value of $1,004,500.00. Following the completion of the transaction, the director now owns 72,963 shares of the company’s stock, valued at $5,235,095.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Robert R. Hill, Jr. sold 25,000 shares of the company’s stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $77.00, for a total value of $1,925,000.00. Following the transaction, the chairman now directly owns 55,100 shares in the company, valued at $4,242,700. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 122,836 shares of company stock valued at $9,974,384. Company insiders own 1.88% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SSB. Wagner Wealth Management LLC purchased a new position in SouthState in the second quarter valued at about $28,000. Wipfli Financial Advisors LLC bought a new stake in shares of SouthState during the 3rd quarter worth about $29,000. Exchange Traded Concepts LLC bought a new stake in shares of SouthState during the 3rd quarter worth about $31,000. Rockefeller Capital Management L.P. boosted its stake in shares of SouthState by 244.0% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 430 shares of the bank’s stock worth $34,000 after acquiring an additional 305 shares in the last quarter. Finally, Ensign Peak Advisors Inc bought a new stake in shares of SouthState during the 1st quarter worth about $54,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

About SouthState

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South State Corp. is a bank and financial holding company, which engages in the provision of banking services and products to customers through its subsidiary. Its services include demand, time, and savings deposits, lending and credit card servicing, ATM processing, mortgage banking services, correspondent banking services and wealth management, and trust services.