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

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 acquired at an average cost of $92.30 per share, with a total value of $230,750.00.

SouthState Stock Down 0.6%

SSB stock traded down $0.53 during mid-day trading on Wednesday, reaching $93.59. 95,843 shares of the company traded hands, compared to its average volume of 942,276. The stock has a market cap of $9.50 billion, a price-to-earnings ratio of 13.45 and a beta of 0.79. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState Co. has a fifty-two week low of $77.74 and a fifty-two week high of $114.26. The firm's 50 day moving average price is $92.60 and its 200 day moving average price is $93.25.

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

SouthState Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 8th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Friday, August 8th. This is a boost from SouthState's previous quarterly dividend of $0.54. SouthState's dividend payout ratio (DPR) is presently 35.77%.

Analysts Set New Price Targets

Several research firms have recently weighed in on SSB. Hovde Group lifted their price objective on SouthState from $97.00 to $105.00 and gave the stock a "market perform" rating in a research report on Friday, July 25th. Truist Financial initiated coverage on SouthState in a research note on Tuesday, May 13th. They issued a "buy" rating and a $106.00 target price for the company. Barclays raised their target price on SouthState from $117.00 to $120.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Jefferies Financial Group initiated coverage on SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price for the company. Finally, Raymond James Financial set a $110.00 target price on SouthState in a research note on Monday, April 28th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $115.27.

Hedge Funds Weigh In On SouthState

Several institutional investors have recently modified their holdings of the business. Huntington National Bank grew its holdings in shares of SouthState by 23.9% in the second quarter. Huntington National Bank now owns 766 shares of the bank's stock valued at $70,000 after acquiring an additional 148 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of SouthState by 26.3% in the second quarter. Bank of New York Mellon Corp now owns 1,217,267 shares of the bank's stock valued at $112,025,000 after acquiring an additional 253,178 shares in the last quarter. Corton Capital Inc. bought a new position in shares of SouthState in the second quarter valued at approximately $236,000. Bank of Montreal Can grew its holdings in shares of SouthState by 269.7% in the second quarter. Bank of Montreal Can now owns 11,417 shares of the bank's stock valued at $1,051,000 after acquiring an additional 8,329 shares in the last quarter. Finally, State of Michigan Retirement System grew its holdings in shares of SouthState by 0.9% in the second quarter. State of Michigan Retirement System now owns 23,700 shares of the bank's stock valued at $2,181,000 after acquiring an additional 200 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

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.