SouthState (NASDAQ:SSB) Coverage Initiated at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of SouthState (NASDAQ:SSB - Free Report) in a report published on Wednesday morning, MarketBeat reports. The firm issued a buy rating and a $110.00 price objective on the bank's stock.

Several other brokerages have also recently issued reports on SSB. Barclays lowered their price target on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods dropped their price target on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. Truist Financial began coverage on shares of SouthState in a report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price target for the company. Raymond James set a $110.00 price objective on shares of SouthState in a research note on Monday, April 28th. Finally, DA Davidson dropped their target price on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 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 stock. According to data from MarketBeat.com, SouthState presently has a consensus rating of "Buy" and a consensus target price of $116.27.

SouthState Price Performance

SSB traded down $0.32 on Wednesday, reaching $87.60. The company had a trading volume of 1,017,808 shares, compared to its average volume of 651,828. The company has a fifty day moving average of $88.36 and a 200-day moving average of $97.42. The company has a market capitalization of $8.89 billion, a P/E ratio of 12.59 and a beta of 0.75. SouthState has a one year low of $70.68 and a one year high of $114.27. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were issued a $0.54 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.47%. SouthState's payout ratio is currently 34.12%.

Insider Transactions at SouthState

In other SouthState news, Director G Stacy Smith purchased 3,100 shares of the company's stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $93.60 per share, with a total value of $290,160.00. Following the transaction, the director now directly owns 36,779 shares in the company, valued at approximately $3,442,514.40. This represents a 9.20% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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 value of $200,652.98. Following the transaction, the chief accounting officer now owns 4,787 shares of the company's stock, valued at approximately $482,433.86. This trade represents a 29.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SouthState

Large investors have recently bought and sold shares of the stock. Rise Advisors LLC bought a new position in SouthState in the first quarter worth $33,000. Summit Securities Group LLC acquired a new position in SouthState in the fourth quarter valued at approximately $38,000. Aquatic Capital Management LLC acquired a new position in SouthState in the fourth quarter valued at about $45,000. Flaharty Asset Management LLC acquired a new position in shares of SouthState during the 1st quarter worth about $45,000. Finally, Quadrant Capital Group LLC increased its stake 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 last quarter. 89.76% of the stock is currently 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.