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
A number of analysts have recently weighed in on the company. Truist Financial increased their price objective on SouthState from $90.00 to $97.00 and gave the company a "buy" rating in a research note on Monday, August 1st. Keefe, Bruyette & Woods raised SouthState from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $94.00 to $100.00 in a research note on Thursday, June 2nd. Raymond James dropped their price target on SouthState from $93.00 to $90.00 and set an "outperform" rating for the company in a research note on Thursday, July 7th. StockNews.com raised SouthState from a "sell" rating to a "hold" rating in a research note on Monday, August 1st. Finally, DA Davidson dropped their price target on SouthState to $91.00 and set a "na" rating for the company in a research note on Monday, May 16th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $92.50.
SouthState Price Performance
SSB opened at $82.22 on Monday. The stock has a fifty day simple moving average of $78.58 and a two-hundred day simple moving average of $80.92. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.07. The company has a market cap of $6.21 billion, a price-to-earnings ratio of 13.22 and a beta of 0.81. SouthState has a 12-month low of $62.60 and a 12-month high of $93.34.
SouthState (NASDAQ:SSB - Get Rating) last posted its quarterly earnings data on Thursday, July 28th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.53 by $0.09. SouthState had a return on equity of 10.04% and a net margin of 30.18%. The business had revenue of $383.29 million during the quarter, compared to the consensus estimate of $390.97 million. During the same quarter in the prior year, the company earned $1.87 earnings per share. The firm's quarterly revenue was down 2.0% compared to the same quarter last year. Research analysts predict that SouthState will post 7.05 earnings per share for the current fiscal year.
SouthState Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, August 19th. Stockholders of record on Friday, August 12th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, August 11th. This is an increase from SouthState's previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a dividend yield of 2.43%. SouthState's dividend payout ratio (DPR) is presently 31.51%.
Insider Activity
In other news, insider Douglas Lloyd Williams sold 18,666 shares of the firm's stock in a transaction on Friday, July 29th. The stock was sold at an average price of $85.06, for a total transaction of $1,587,729.96. Following the completion of the transaction, the insider now directly owns 70,603 shares in the company, valued at $6,005,491.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Douglas Lloyd Williams sold 18,666 shares of SouthState stock in a transaction dated Friday, July 29th. The stock was 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 directly owns 70,603 shares in the company, valued at approximately $6,005,491.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Greg A. Lapointe sold 304 shares of SouthState stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $82.99, for a total value of $25,228.96. Following the completion of the sale, the insider now owns 24,680 shares of the company's stock, valued at $2,048,193.20. The disclosure for this sale can be found here. Insiders sold 20,120 shares of company stock worth $1,708,409 over the last three months. 1.88% of the stock is currently owned by corporate insiders.
