SouthState Co. (NASDAQ:SSB) Given Consensus Rating of "Moderate Buy" by Brokerages

Shares of SouthState Co. (NASDAQ:SSB - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the ten research firms that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $116.60.

Several research firms have recently weighed in on SSB. Citigroup raised shares of SouthState from a "neutral" rating to a "buy" rating and raised their price target for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. DA Davidson decreased their target price on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Barclays dropped their price target on SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Raymond James set a $110.00 price objective on SouthState in a research report on Monday, April 28th. Finally, Stephens restated an "overweight" rating and issued a $119.00 target price on shares of SouthState in a report on Monday, April 28th.

Insider Activity

In other SouthState news, Director Janet P. Froetscher acquired 2,717 shares of the stock in a transaction dated Monday, March 10th. The stock was acquired at an average price of $92.02 per share, with a total value of $250,018.34. Following the completion of the purchase, the director now owns 4,689 shares in the company, valued at $431,481.78. This trade represents a 137.78 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Sara Arana sold 1,991 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $100.78, for a total transaction of $200,652.98. Following the sale, the chief accounting officer now directly owns 4,787 shares in the company, valued at approximately $482,433.86. The trade was a 29.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On SouthState

Several institutional investors have recently modified their holdings of SSB. Quadrant Capital Group LLC boosted its holdings in SouthState by 24.2% in the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after purchasing an additional 99 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of SouthState by 0.5% in the 4th quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank's stock valued at $2,109,000 after buying an additional 100 shares during the period. Commonwealth Equity Services LLC grew its position in shares of SouthState by 1.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock worth $949,000 after buying an additional 112 shares in the last quarter. Bragg Financial Advisors Inc increased its stake in shares of SouthState by 4.3% during the fourth quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank's stock worth $276,000 after buying an additional 115 shares during the period. Finally, Nisa Investment Advisors LLC raised its holdings in SouthState by 5.2% in the first quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the bank's stock valued at $220,000 after acquiring an additional 118 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Price Performance

NASDAQ SSB traded up $1.72 during mid-day trading on Friday, hitting $89.37. The stock had a trading volume of 500,475 shares, compared to its average volume of 633,339. SouthState has a twelve month low of $70.68 and a twelve month 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's 50 day moving average is $89.68 and its 200 day moving average is $98.43. The stock has a market capitalization of $9.06 billion, a price-to-earnings ratio of 12.84 and a beta of 0.65.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 16th. Shareholders of record on Friday, May 9th will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Friday, May 9th. SouthState's dividend payout ratio is presently 34.12%.

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.