SouthState Bank (NYSE:SSB) Stock Moved Down to “Sell” by Wall Street Zen

Wall Street Zen downgraded shares of SouthState Bank (NYSE:SSB) from a hold rating to a sell rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

Several other research analysts also recently commented on SSB. Weiss Ratings reiterated a “buy (b)” rating on shares of SouthState Bank in a report on Monday, October 12th. Piper Sandler raised their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Fundamental Research set a $120.00 price target on SouthState Bank in a report on Wednesday, July 1st. Citigroup lifted their target price on shares of SouthState Bank from $115.00 to $126.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, Stephens reiterated an “overweight” rating and issued a $116.00 price objective on shares of SouthState Bank in a research note on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $118.54.

SouthState Bank Trading Up 0.5%

NYSE SSB opened at $105.73 on Friday. SouthState Bank has a 1-year low of $84.47 and a 1-year high of $112.20. The company has a current ratio of 0.95, a quick ratio of 0.93 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $10.25 billion, a PE ratio of 11.26 and a beta of 0.78. The firm’s fifty day simple moving average is $103.94 and its 200-day simple moving average is $100.88.

SouthState Bank (NYSE:SSB) last issued its earnings results on Wednesday, October 21st. The company reported $2.30 EPS for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.10). The firm had revenue of $685.43 million during the quarter, compared to analysts’ expectations of $691.13 million. SouthState Bank had a net margin of 24.63% and a return on equity of 10.23%. During the same quarter last year, the firm earned $2.58 EPS. As a group, sell-side analysts anticipate that SouthState Bank will post 9.44 earnings per share for the current fiscal year.

SouthState Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, November 6th will be issued a dividend of $0.66 per share. The ex-dividend date of this dividend is Friday, November 6th. This represents a $2.64 annualized dividend and a yield of 2.5%. SouthState Bank’s dividend payout ratio is currently 28.12%.

Insiders Place Their Bets

In other news, CFO William E. V. Matthews sold 4,000 shares of SouthState Bank stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the sale, the chief financial officer directly owned 40,568 shares of the company’s stock, valued at approximately $4,419,072.24. This trade represents a 8.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Brooks sold 24,650 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the sale, the director owned 7,900 shares of the company’s stock, valued at approximately $869,000. The trade was a 75.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 34,831 shares of company stock worth $3,814,274 over the last quarter. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On SouthState Bank

Large investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of SouthState Bank in the 2nd quarter valued at about $981,557,000. Dimensional Fund Advisors LP increased its stake in shares of SouthState Bank by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,934,851 shares of the company’s stock worth $456,554,000 after purchasing an additional 205,355 shares during the last quarter. State Street Corp boosted its stake in shares of SouthState Bank by 3.3% during the 2nd quarter. State Street Corp now owns 3,858,127 shares of the company’s stock worth $385,427,000 after acquiring an additional 123,549 shares during the period. Wellington Management Group LLP lifted its holdings in SouthState Bank by 15.4% during the 2nd quarter. Wellington Management Group LLP now owns 1,520,652 shares of the company’s stock valued at $151,913,000 after purchasing an additional 202,931 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in SouthState Bank by 26.1% during the 1st quarter. Bank of New York Mellon Corp now owns 1,442,939 shares of the company’s stock valued at $133,501,000 after purchasing an additional 298,821 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Company Profile

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.