SouthState Co. Announces Quarterly Dividend of $0.54 (NASDAQ:SSB)

SouthState Co. (NASDAQ:SSB) announced a quarterly dividend on Wednesday, October 23rd, NASDAQ reports. Shareholders of record on Friday, November 8th will be given a dividend of 0.54 per share by the bank on Friday, November 15th. This represents a $2.16 annualized dividend and a yield of 2.20%. The ex-dividend date is Friday, November 8th.

SouthState has raised its dividend payment by an average of 2.8% per year over the last three years and has raised its dividend annually for the last 13 consecutive years.

SouthState Trading Up 1.5 %

SSB stock traded up $1.42 during midday trading on Thursday, hitting $98.06. The stock had a trading volume of 551,985 shares, compared to its average volume of 479,439. The firm has a market cap of $7.47 billion, a PE ratio of 15.75 and a beta of 0.67. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. SouthState has a 12-month low of $63.36 and a 12-month high of $103.82. The company’s 50-day moving average price is $96.10 and its 200 day moving average price is $86.10.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping the consensus estimate of $1.64 by $0.26. The firm had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. SouthState’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the previous year, the company earned $1.62 EPS. On average, equities research analysts predict that SouthState will post 6.69 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SSB shares. Truist Financial lifted their price target on shares of SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a report on Friday, September 20th. Keefe, Bruyette & Woods lifted their price target on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Citigroup started coverage on shares of SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target on the stock. Stephens lifted their price target on shares of SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, Hovde Group lifted their target price on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $102.89.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the sale, the insider now directly owns 33,328 shares of the company’s stock, valued at $3,332,800. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.

About SouthState

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 offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.