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

Shares of SouthState Co. (NASDAQ:SSB) have been assigned a consensus recommendation of “Moderate Buy” from the nine research firms that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $115.44.

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

SouthState Stock Up 2.1 %

Shares of NASDAQ SSB opened at $94.54 on Thursday. SouthState has a 1 year low of $70.68 and a 1 year high of $114.27. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market cap of $9.58 billion, a PE ratio of 13.58 and a beta of 0.68. The company has a 50 day simple moving average of $99.49 and a 200 day simple moving average of $100.60.

SouthState Dividend Announcement

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

Insiders Place Their Bets

In related news, Director Janet P. Froetscher acquired 2,717 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were bought at an average price of $92.02 per share, with a total value of $250,018.34. Following the transaction, the director now directly owns 4,689 shares of the company’s stock, valued at $431,481.78. This trade represents a 137.78 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO William E. V. Matthews sold 6,531 shares of the business’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the completion of the sale, the chief financial officer now directly owns 34,107 shares of the company’s stock, valued at $3,693,447.03. The trade was a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

Hedge Funds Weigh In On SouthState

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

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.