SouthState Bank (NYSE:SSB) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of SouthState Bank (NYSE:SSB) from a sell rating to a hold rating in a report published on Saturday morning,Wall Street Zen reports.

A number of other equities analysts also recently issued reports on the stock. Truist Financial raised their price objective on shares of SouthState Bank from $108.00 to $118.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. UBS Group cut SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price objective on the stock. in a research report on Tuesday, July 7th. JPMorgan Chase & Co. reduced their target price on shares of SouthState Bank from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday. Piper Sandler raised their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. Finally, Citigroup upped their price target on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $119.08.

SouthState Bank Stock Up 1.4%

SouthState Bank stock opened at $102.05 on Friday. The stock has a market cap of $9.90 billion, a PE ratio of 10.73 and a beta of 0.78. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. SouthState Bank has a one year low of $84.47 and a one year high of $112.20. The stock has a fifty day moving average of $105.93 and a 200 day moving average of $99.80.

SouthState Bank (NYSE:SSB) last announced its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. The business had revenue of $672.67 million for the quarter, compared to analysts’ expectations of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same period last year, the firm posted $2.30 earnings per share. As a group, sell-side analysts predict that SouthState Bank will post 9.46 EPS for the current year.

SouthState Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were paid a dividend of $0.66 per share. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.64 annualized dividend and a yield of 2.6%. SouthState Bank’s dividend payout ratio is 27.76%.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the transaction, the chief financial officer directly owned 40,568 shares of the company’s stock, valued at approximately $4,419,072.24. The trade was a 8.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David Brooks sold 24,650 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the sale, the director directly owned 7,900 shares of the company’s stock, valued at approximately $869,000. This trade represents a 75.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 34,831 shares of company stock worth $3,814,274. 1.70% of the stock is owned by insiders.

Hedge Funds Weigh In On SouthState Bank

Several institutional investors have recently bought and sold shares of SSB. Versant Capital Management Inc increased its holdings in SouthState Bank by 14.5% in the 3rd quarter. Versant Capital Management Inc now owns 1,758 shares of the company’s stock valued at $175,000 after acquiring an additional 223 shares during the last quarter. Cim Investment Management Inc. purchased a new stake in SouthState Bank in the 2nd quarter worth $266,000. State Street Corp boosted its holdings in shares of SouthState Bank by 3.3% during the 2nd quarter. State Street Corp now owns 3,858,127 shares of the company’s stock valued at $385,427,000 after purchasing an additional 123,549 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of SouthState Bank by 0.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 855,527 shares of the company’s stock valued at $85,467,000 after purchasing an additional 4,764 shares during the last quarter. Finally, Sequoia Financial Advisors LLC grew its position in shares of SouthState Bank by 6.6% during the second quarter. Sequoia Financial Advisors LLC now owns 7,180 shares of the company’s stock valued at $717,000 after purchasing an additional 444 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Company Profile

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial products and services to individuals, businesses, institutions and municipalities, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, and lines of credit.

Its business also includes commercial banking, treasury and cash-management services, equipment financing, small-business lending, and wealth-management and trust services.