Stocks of SouthState Corporation (NASDAQ:SSB) traded higher last session on Wall Street, down -3.35% to $79.86.
According to the data, SouthState Corporation (NASDAQ:SSB) has 7 analysts covering its stock. The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $100.00 and a low of $91.00, we find $95.00. Given the previous closing price of $82.63, this indicates a potential upside of 14.97 percent. SSB stock price is now 0.82% away from the 50-day moving average and -1.38% away from the 200-day moving average. The market capitalization of the company currently stands at $6.00B.
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A total of 1 analysts have issued a hold rating and 5 have given it a buy rating. Brokers who have rated the stock have averaged $95.43 as their price target over the next twelve months.
With the price target enhanced from $92 to $96, Piper Sandler Upgraded its rating from Neutral to Overweight for SouthState Corporation (NASDAQ: SSB). On June 03, 2022, Keefe Bruyette Upgraded its previous ‘Mkt Perform’ rating to ‘Outperform’ on the stock increasing its target price from $94 to quote $100, while ‘Raymond James’ rates the stock as ‘Outperform’.
In other news, HILL ROBERT R JR, Executive Chairman sold 24,900 shares of the company’s stock on Mar 06. The stock was sold for $2,085,126 at an average price of $83.74. Upon completion of the transaction, the Executive Chairman now directly owns 9,993 shares in the company, valued at $0.8 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Mar 06, President, Atlanta Banking Grp Williams Douglas Lloyd sold 23,400 shares of the business’s stock. A total of $1,989,234 was realized by selling the stock at an average price of $85.01. This leaves the insider owning 15,760 shares of the company worth $1.26 million. Insiders disposed of 283,412 shares of company stock worth roughly $22.63 million over the past 1 year. A total of 0.80% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in SSB stock. A new stake in SouthState Corporation shares was purchased by ASSENAGON ASSET MANAGEMENT S.A. during the first quarter worth $10,396,000. TWINBEECH CAPITAL LP invested $6,724,000 in shares of SSB during the first quarter. In the first quarter, BOOTHBAY FUND MANAGEMENT, LLC acquired a new stake in SouthState Corporation valued at approximately $5,824,000. SQUAREPOINT OPS LLC acquired a new stake in SSB for approximately $3,262,000. ALGEBRIS (UK) LTD purchased a new stake in SSB valued at around $2,524,000 in the second quarter. In total, there are 434 active investors with 81.70% ownership of the company’s stock.
Tuesday’s opening bell rang with an opening price of $81.81 for SouthState Corporation (NASDAQ: SSB). During the past 12 months, SouthState Corporation has had a low of $72.25 and a high of $91.74. The fifty day moving average price for SSB is $79.21 and a two-hundred day moving average price translates $80.98 for the stock.
The latest earnings results from SouthState Corporation (NASDAQ: SSB) was released for Dec, 2022. According to the Banks – Regional Company, earnings per share came in at $1.88, missing analysts’ expectations of $2.02 by -0.14. This compares to $1.52 EPS in the same period last year. The net profit margin was 35.50% and return on equity was 9.80% for SSB. The company reported revenue of $426.09 million for the quarter, compared to $267.34 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 59.38 percent. For the current quarter, analysts expect SSB to generate $446.98M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 02/17/2023. Investors who held shares on 02/10/2023 were paid a $0.50 dividend. On an annualized basis, this represents a $2.00 dividend and a 2.50% percent yield. There was an ex-dividend date of 02/09/2023 for this dividend. In terms of dividend payout ratio, SSB is presently at 29.80%.
SouthState Corporation(SSB) 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 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.
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