SouthState Co. (NASDAQ:SSB – Get Free Report) insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the completion of the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
SouthState Price Performance
Shares of SSB traded up $2.75 during mid-day trading on Wednesday, hitting $82.31. 391,208 shares of the company traded hands, compared to its average volume of 420,217. SouthState Co. has a one year low of $59.51 and a one year high of $87.77. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.06. The business has a 50-day moving average of $82.27 and a 200 day moving average of $76.72. The stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of 11.57 and a beta of 0.74.
SouthState (NASDAQ:SSB – Get Free Report) last released its quarterly earnings results on Thursday, January 25th. The bank reported $1.67 EPS for the quarter, beating the consensus estimate of $1.54 by $0.13. SouthState had a net margin of 22.15% and a return on equity of 9.85%. The business had revenue of $419.72 million for the quarter, compared to analysts’ expectations of $419.08 million. As a group, equities analysts expect that SouthState Co. will post 6.64 earnings per share for the current fiscal year.
SouthState Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Friday, February 9th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $2.08 annualized dividend and a dividend yield of 2.53%. SouthState’s dividend payout ratio (DPR) is currently 32.20%.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on SSB. Stephens began coverage on shares of SouthState in a research report on Tuesday, December 19th. They issued an “equal weight” rating and a $78.00 price target for the company. DA Davidson reaffirmed a “buy” rating and set a $102.00 price objective (up previously from $96.00) on shares of SouthState in a report on Monday, January 29th. Truist Financial raised their price objective on shares of SouthState from $72.00 to $93.00 and gave the stock a “hold” rating in a report on Friday, December 15th. UBS Group raised their price objective on shares of SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, January 29th. Finally, Raymond James lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $88.83.
Institutional Trading of SouthState
Hedge funds have recently modified their holdings of the stock. Raymond James & Associates boosted its stake in SouthState by 69.1% in the first quarter. Raymond James & Associates now owns 19,456 shares of the bank’s stock valued at $1,587,000 after acquiring an additional 7,949 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in SouthState by 51.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 22,450 shares of the bank’s stock valued at $1,832,000 after acquiring an additional 7,622 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of SouthState by 119.0% during the first quarter. HighTower Advisors LLC now owns 8,239 shares of the bank’s stock worth $673,000 after purchasing an additional 4,477 shares in the last quarter. Citigroup Inc. boosted its position in shares of SouthState by 29.1% during the first quarter. Citigroup Inc. now owns 26,907 shares of the bank’s stock worth $2,194,000 after purchasing an additional 6,065 shares in the last quarter. Finally, Bank of Montreal Can bought a new position in shares of SouthState during the first quarter worth $204,000. 88.47% of the stock is 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.