Analysts Set SouthState Co. (NASDAQ:SSB) Target Price at $115.44

Shares of SouthState Co. (NASDAQ:SSB) have been assigned an average rating of “Moderate Buy” from the nine ratings firms that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $115.44.

A number of equities analysts have commented on the stock. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. UBS Group initiated coverage on shares of SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target on the stock. Finally, Stephens restated an “overweight” rating and set a $130.00 price objective on shares of SouthState in a research report on Friday, March 7th.

SouthState Stock Performance

SSB opened at $94.54 on Thursday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock has a market cap of $9.58 billion, a price-to-earnings ratio of 13.58 and a beta of 0.68. SouthState has a 12-month low of $70.68 and a 12-month high of $114.27. The business has a 50 day moving average of $99.49 and a 200-day moving average of $100.60.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend was Friday, February 7th. SouthState’s dividend payout ratio (DPR) is currently 31.03%.

Insiders Place Their Bets

In related news, CFO William E. V. Matthews sold 6,531 shares of SouthState stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the transaction, the chief financial officer now directly owns 34,107 shares of the company’s stock, valued at $3,693,447.03. This trade represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director G Stacy Smith bought 3,100 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were acquired at an average price of $93.60 per share, with a total value of $290,160.00. Following the completion of the purchase, the director now directly owns 36,779 shares of the company’s stock, valued at approximately $3,442,514.40. The trade was a 9.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.26% of the company’s stock.

Hedge Funds Weigh In On SouthState

A number of institutional investors have recently modified their holdings of SSB. Quadrant Capital Group LLC raised its stake in SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock worth $51,000 after acquiring an additional 99 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of SouthState by 0.5% during the 4th quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank’s stock valued at $2,109,000 after purchasing an additional 100 shares during the last quarter. Commonwealth Equity Services LLC increased its position in SouthState by 1.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank’s stock worth $949,000 after purchasing an additional 112 shares in the last quarter. Bragg Financial Advisors Inc boosted its position in SouthState by 4.3% in the fourth quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank’s stock valued at $276,000 after buying an additional 115 shares in the last quarter. Finally, CIBC Asset Management Inc grew its stake in shares of SouthState by 5.7% during the fourth quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank’s stock worth $231,000 after buying an additional 126 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

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.