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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits. The company also offers commercial real estate loans, residential real estate loans, commercial, and industrial loans, as well as consumer loans, including auto, boat, and personal installment loans. In addition, it provides debit card, mobile and funds transfer products, and treasury management services comprising merchant, automated clearing house, lock-box, remote deposit capture, and other treasury services. Further, the company offers safe deposit boxes, bank money orders, wire transfer, brokerage services, and alternative investment products, including annuities, mutual funds, and trust and asset management services; and credit cards, letters of credit, and home equity lines of credit. As of December 31, 2021, it served customers through 281 branches in Florida, South Carolina, Alabama, Georgia, North Carolina, and Virginia. SouthState Corporation also serves its customers through online, mobile, and telephone banking platforms. The company was formerly known as First Financial Holdings, Inc. and changed its name to SouthState Corporation in July 2013. SouthState Corporation was founded in 1933 and is headquartered in Winter Haven, Florida.
Wall Street Analyst Weigh In
SSB has been the subject of several research reports. DA Davidson cut their price objective on SouthState to $91.00 and set a "na" rating for the company in a research note on Monday, May 16th. Truist Financial upped their price target on SouthState from $90.00 to $97.00 and gave the company a "buy" rating in a research report on Monday, August 1st. Keefe, Bruyette & Woods upgraded SouthState from a "market perform" rating to an "outperform" rating and upped their price target for the company from $94.00 to $100.00 in a research report on Thursday, June 2nd. StockNews.com upgraded SouthState from a "sell" rating to a "hold" rating in a report on Monday, August 1st. Finally, Raymond James decreased their price objective on SouthState from $93.00 to $90.00 and set an "outperform" rating on the stock in a report on Thursday, July 7th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $92.50.
SouthState Stock Performance
Shares of SSB Stock traded up $1.44 during mid-day trading on Friday, hitting $85.05. 4,507 shares of the stock were exchanged, compared to its average volume of 373,213. The stock's fifty day simple moving average is $78.79 and its two-hundred day simple moving average is $80.95. The stock has a market capitalization of $6.42 billion, a price-to-earnings ratio of 13.44 and a beta of 0.81. SouthState has a 12-month low of $62.60 and a 12-month high of $93.34. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.83 and a current ratio of 0.83.
SouthState (NASDAQ:SSB - Get Rating) last issued its quarterly earnings data on Thursday, July 28th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.09. SouthState had a return on equity of 9.98% and a net margin of 30.18%. The company had revenue of $383.29 million for the quarter, compared to analyst estimates of $390.97 million. During the same quarter last year, the company posted $1.87 earnings per share. The business's quarterly revenue was down 2.0% compared to the same quarter last year. On average, analysts forecast that SouthState will post 7.01 EPS for the current year.
SouthState Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 19th. Stockholders of record on Friday, August 12th will be paid a dividend of $0.50 per share. This is an increase from SouthState's previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $2.00 annualized dividend and a dividend yield of 2.35%. SouthState's dividend payout ratio is 31.51%.
Insider Transactions at SouthState
In other news, insider Douglas Lloyd Williams sold 18,666 shares of the stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $85.06, for a total transaction of $1,587,729.96. Following the completion of the sale, the insider now owns 70,603 shares in the company, valued at $6,005,491.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Douglas Lloyd Williams sold 18,666 shares of the firm's stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $85.06, for a total value of $1,587,729.96. Following the completion of the sale, the insider now owns 70,603 shares in the company, valued at $6,005,491.18. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Greg A. Lapointe sold 304 shares of the firm's stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $82.99, for a total transaction of $25,228.96. Following the completion of the sale, the insider now owns 24,680 shares of the company's stock, valued at approximately $2,048,193.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,120 shares of company stock worth $1,708,409. Company insiders own 1.88% of the company's stock.
