SouthState Co. (NASDAQ:SSB) Director G Stacy Smith Purchases 2,500 Shares

Key Points

• G Stacy Smith, a director of SouthState Co., purchased 2,500 shares at $92.30 each, totaling $230,750, indicating a 6.75% increase in his ownership.
• SouthState recently declared a quarterly dividend of $0.60 per share, up from a previous quarterly dividend of $0.54, reflecting a 2.6% yield.
• The company reported a strong quarterly earnings performance, achieving a net margin of 22.38% and beating EPS estimates by $0.32.

SouthState Co. (NASDAQ:SSB - Get Free Report) Director G Stacy Smith purchased 2,500 shares of SouthState stock in a transaction dated Friday, August 1st. The stock was bought at an average cost of $92.30 per share, for a total transaction of $230,750.00. Following the completion of the purchase, the director directly owned 39,546 shares in the company, valued at approximately $3,650,095.80. This trade represents a 6.75% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

G Stacy Smith also recently made the following trade(s):

• On Friday, August 1st, G Stacy Smith acquired 2,500 shares of SouthState stock. The stock was purchased at an average cost of $92.30 per share, with a total value of $230,750.00.

SouthState Stock Up 1.2%

Shares of SouthState stock traded up $1.06 during trading on Friday, hitting $92.24. 93,739 shares of the stock were exchanged, compared to its average volume of 939,139. 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's 50-day moving average price is $92.75 and its 200 day moving average price is $93.19. The stock has a market cap of $9.34 billion, a price-to-earnings ratio of 13.24 and a beta of 0.79. SouthState Co. has a 12-month low of $77.74 and a 12-month high of $114.26.

SouthState (NASDAQ:SSB - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The bank reported $2.30 earnings per share for the quarter, beating analysts' consensus estimates of $1.98 by $0.32. The company had revenue of $840.50 million for the quarter, compared to analysts' expectations of $645.12 million. SouthState had a return on equity of 9.62% and a net margin of 22.38%. During the same period last year, the firm earned $1.74 earnings per share. As a group, analysts forecast that SouthState Co. will post 8.12 earnings per share for the current fiscal year.

SouthState Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 8th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. This is a positive change from SouthState's previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Friday, August 8th. SouthState's dividend payout ratio is currently 35.77%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Citigroup restated a "buy" rating and set a $117.00 target price (up from $113.00) on shares of SouthState in a report on Monday, July 28th. Hovde Group raised their price objective on shares of SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a research note on Friday, July 25th. Keefe, Bruyette & Woods dropped their price objective on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Raymond James Financial set a $110.00 target price on shares of SouthState in a report on Monday, April 28th. Finally, DA Davidson boosted their price target on shares of SouthState from $115.00 to $117.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, SouthState presently has an average rating of "Buy" and an average price target of $115.27.

Hedge Funds Weigh In On SouthState

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. lifted its position in shares of SouthState by 2.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 15,187 shares of the bank's stock worth $1,398,000 after buying an additional 300 shares during the last quarter. Vise Technologies Inc. acquired a new stake in SouthState during the 2nd quarter worth $346,000. Allworth Financial LP raised its stake in SouthState by 47.6% during the 2nd quarter. Allworth Financial LP now owns 1,324 shares of the bank's stock worth $122,000 after acquiring an additional 427 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in SouthState in the second quarter valued at $6,187,000. Finally, Summit Investment Advisors Inc. boosted its stake in SouthState by 26.5% in the first quarter. Summit Investment Advisors Inc. now owns 29,305 shares of the bank's stock valued at $2,720,000 after acquiring an additional 6,147 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Company Profile

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.