SouthState (NASDAQ:SSB) Lowered to “Sell” at StockNews.com

StockNews.com downgraded shares of SouthState (NASDAQ:SSB – Get Rating) from a hold rating to a sell rating in a research note published on Wednesday.

Other research analysts have also recently issued reports about the company. UBS Group initiated coverage on SouthState in a research report on Wednesday. They set a neutral rating and a $79.00 price target for the company. Raymond James reduced their price target on SouthState from $98.00 to $95.00 and set an outperform rating on the stock in a research report on Monday, January 30th. Truist Financial reduced their price target on SouthState from $96.00 to $91.00 and set a buy rating on the stock in a research report on Wednesday, February 1st. Finally, Keefe, Bruyette & Woods reduced their target price on SouthState from $110.00 to $100.00 and set an outperform rating on the stock in a report on Tuesday, January 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $92.00.

SouthState Stock Down 3.9 %

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 company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04. The stock has a market cap of $5.52 billion, a price-to-earnings ratio of 11.04 and a beta of 0.81. The stock has a 50-day moving average price of $79.12 and a two-hundred day moving average price of $81.35.

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

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 17th. Shareholders of record on Friday, February 10th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date was Thursday, February 9th. SouthState’s dividend payout ratio is presently 30.35%.

Insider Buying and Selling at SouthState

In related news, Chairman Robert R. Hill, Jr. sold 25,000 shares of the business’s stock in a transaction on Wednesday, February 1st. The stock was sold at an average price of $77.00, for a total transaction of $1,925,000.00. Following the sale, the chairman now owns 55,100 shares in the company, valued at approximately $4,242,700. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Chairman Robert R. Hill, Jr. sold 25,000 shares of the business’s stock in a transaction on Wednesday, February 1st. The stock was sold at an average price of $77.00, for a total transaction of $1,925,000.00. Following the sale, the chairman now owns 55,100 shares in the company, valued at approximately $4,242,700. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Robert R. Hill, Jr. sold 24,900 shares of the business’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $83.74, for a total value of $2,085,126.00. Following the sale, the chairman now owns 9,993 shares in the company, valued at approximately $836,813.82. The disclosure for this sale can be found here. In the last quarter, insiders have sold 122,836 shares of company stock valued at $9,974,384. 1.88% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SSB. Wagner Wealth Management LLC acquired a new position in SouthState during the 2nd quarter worth about $28,000. Wipfli Financial Advisors LLC acquired a new position in SouthState during the 3rd quarter worth about $29,000. Exchange Traded Concepts LLC acquired a new position in shares of SouthState in the 3rd quarter valued at about $31,000. Rockefeller Capital Management L.P. lifted its stake in shares of SouthState by 244.0% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 430 shares of the bank’s stock valued at $34,000 after purchasing an additional 305 shares during the period. Finally, Ensign Peak Advisors Inc acquired a new position in shares of SouthState in the 1st quarter valued at about $54,000. 80.28% of the stock is owned by institutional investors and hedge funds.

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.