Truist Financial Initiates Coverage on SouthState (NASDAQ:SSB)

Truist Financial assumed coverage on shares of SouthState (NASDAQ:SSB - Free Report) in a research note published on Tuesday, MarketBeat Ratings reports. The firm issued a buy rating and a $106.00 price target on the bank's stock.

SSB has been the subject of a number of other research reports. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and upped their price target for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Barclays reduced 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. DA Davidson reduced their price target on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. Stephens restated an "overweight" rating and issued a $119.00 price target on shares of SouthState in a research report on Monday, April 28th. Finally, Keefe, Bruyette & Woods reduced their price target on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $116.90.

SouthState Stock Performance

SouthState stock traded up $0.31 during mid-day trading on Tuesday, reaching $91.30. 907,590 shares of the stock traded hands, compared to its average volume of 651,872. The stock has a market capitalization of $9.27 billion, a PE ratio of 13.12 and a beta of 0.75. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. SouthState has a 12-month low of $70.68 and a 12-month high of $114.27. The business's 50-day moving average is $88.58 and its 200-day moving average is $97.87.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's dividend payout ratio is currently 34.12%.

Insider Buying and Selling

In related 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 cost of $92.02 per share, with a total value of $250,018.34. Following the purchase, the director now directly owns 4,689 shares of the company's stock, valued at approximately $431,481.78. This trade represents a 137.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director G Stacy Smith purchased 3,100 shares of SouthState stock in a transaction dated Thursday, March 6th. The stock was acquired at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the acquisition, the director now owns 36,779 shares of the company's stock, valued at approximately $3,442,514.40. This trade represents a 9.20% increase in their position. The disclosure for this purchase can be found here. 1.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rise Advisors LLC purchased a new position in shares of SouthState in the 1st quarter valued at $33,000. Summit Securities Group LLC purchased a new position in shares of SouthState in the 4th quarter valued at $38,000. Aquatic Capital Management LLC purchased a new position in shares of SouthState in the 4th quarter valued at $45,000. Quadrant Capital Group LLC increased its holdings in shares of SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after acquiring an additional 99 shares during the period. Finally, Versant Capital Management Inc increased its holdings in shares of SouthState by 577.4% in the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock valued at $53,000 after acquiring an additional 485 shares during the period. 89.76% of the stock is currently owned by hedge funds and other 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.