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.
SouthState Price Performance
Shares of SouthState stock traded up $0.04 on Thursday, hitting $85.20. The company's stock had a trading volume of 5,159 shares, compared to its average volume of 356,669. SouthState has a 52-week low of $62.60 and a 52-week high of $93.34. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.06. The firm has a fifty day moving average price of $79.14 and a 200-day moving average price of $81.01. The company has a market capitalization of $6.43 billion, a P/E ratio of 13.70 and a beta of 0.81.
SouthState (NASDAQ:SSB - Get Rating) last released its quarterly earnings data on Thursday, July 28th. The bank reported $1.62 EPS for the quarter, topping the consensus estimate of $1.53 by $0.09. SouthState had a net margin of 30.18% and a return on equity of 9.98%. The business had revenue of $383.29 million for the quarter, compared to analyst estimates of $390.97 million. During the same period in the previous year, the firm earned $1.87 EPS. The business's revenue for the quarter was down 2.0% compared to the same quarter last year. On average, equities research analysts expect that SouthState will post 7.01 earnings per share for the current fiscal year.
SouthState Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 19th. Investors of record on Friday, August 12th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 11th. This is a positive change from SouthState's previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a dividend yield of 2.35%. SouthState's payout ratio is currently 32.15%.
Wall Street Analyst Weigh In
Several brokerages have issued reports on SSB. Raymond James dropped their price objective on shares of SouthState from $93.00 to $90.00 and set an "outperform" rating on the stock in a research note on Thursday, July 7th. StockNews.com raised shares of SouthState from a "sell" rating to a "hold" rating in a research note on Monday, August 1st. Keefe, Bruyette & Woods raised shares of SouthState from a "market perform" rating to an "outperform" rating and upped their price target for the stock from $94.00 to $100.00 in a research note on Thursday, June 2nd. DA Davidson lowered their price target on shares of SouthState to $91.00 and set a "na" rating on the stock in a research note on Monday, May 16th. Finally, Truist Financial upped their price target on shares of SouthState from $90.00 to $97.00 and gave the stock a "buy" rating in a research note on Monday, August 1st. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $92.50.
Insider Buying and Selling
In other SouthState news, insider Douglas Lloyd Williams sold 18,666 shares of the company'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 transaction, the insider now directly owns 70,603 shares in the company, valued at approximately $6,005,491.18. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other SouthState news, insider Douglas Lloyd Williams sold 18,666 shares of the company'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 transaction, the insider now directly owns 70,603 shares in the company, valued at approximately $6,005,491.18. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Robert R. Horger sold 1,150 shares of the company's stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $83.00, for a total transaction of $95,450.00. Following the completion of the transaction, the director now owns 33,464 shares in the company, valued at $2,777,512. The disclosure for this sale can be found here. Insiders have sold 51,704 shares of company stock worth $4,385,398 in the last three months. Corporate insiders own 1.88% of the company's stock.
