SouthState Co. to Issue Quarterly Dividend of $0.52 (NASDAQ:SSB)

SouthState Co. (NASDAQ:SSB) declared a quarterly dividend on Thursday, April 25th, NASDAQ reports. Shareholders of record on Friday, May 10th will be paid a dividend of 0.52 per share by the bank on Friday, May 17th. This represents a $2.08 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend is Thursday, May 9th.

SouthState has raised its dividend by an average of 2.8% annually over the last three years and has increased its dividend annually for the last 12 consecutive years.

SouthState Stock Up 0.4 %

Shares of SSB opened at $80.65 on Wednesday. The company’s 50-day simple moving average is $80.68 and its 200-day simple moving average is $79.54. The stock has a market capitalization of $6.15 billion, a PE ratio of 13.16 and a beta of 0.75. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.89 and a current ratio of 0.89. SouthState has a 1 year low of $59.84 and a 1 year high of $87.77.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.03. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The company had revenue of $415.49 million during the quarter, compared to the consensus estimate of $414.32 million. During the same period in the previous year, the business earned $1.93 EPS. SouthState’s revenue for the quarter was down 8.2% on a year-over-year basis. Analysts forecast that SouthState will post 6.37 earnings per share for the current fiscal year.

Insider Activity at SouthState

In related news, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares in the company, valued at $2,902,068. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the completion of the sale, the insider now directly owns 35,828 shares in the company, valued at approximately $2,902,068. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Richard Iv Murray sold 4,900 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total value of $401,065.00. Following the sale, the president now directly owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on SSB shares. Piper Sandler dropped their target price on SouthState from $98.00 to $95.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Truist Financial dropped their target price on shares of SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a report on Monday, April 29th. DA Davidson restated a “buy” rating and issued a $102.00 price target (up previously from $96.00) on shares of SouthState in a report on Monday, January 29th. Finally, UBS Group boosted their target price on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, January 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $88.17.

SouthState 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 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.