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

SouthState Co. (NASDAQ:SSB) declared a quarterly dividend on Thursday, April 25th, NASDAQ reports. Stockholders of record on Friday, May 10th will be given a dividend of 0.52 per share by the bank on Friday, May 17th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date is Thursday, May 9th.

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

SouthState Trading Down 1.4 %

SSB traded down $1.07 during midday trading on Friday, reaching $77.89. 466,802 shares of the company were exchanged, compared to its average volume of 417,040. The stock has a market capitalization of $5.94 billion, a P/E ratio of 12.13 and a beta of 0.74. SouthState has a one year low of $59.51 and a one year high of $87.77. The stock’s 50-day simple moving average is $81.55 and its 200 day simple moving average is $78.81. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.88 and a current ratio of 0.89.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03. The firm had revenue of $415.49 million during the quarter, compared to analysts’ expectations of $414.32 million. SouthState had a net margin of 22.15% and a return on equity of 9.85%. The business’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.93 earnings per share. As a group, analysts forecast that SouthState will post 6.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, President Richard Iv Murray sold 4,900 shares of SouthState stock in a transaction that occurred on 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 in the company, valued at $4,826,530.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Renee R. Brooks sold 4,025 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $85.62, for a total value of $344,620.50. Following the completion of the sale, the chief operating officer now directly owns 31,747 shares in the company, valued at $2,718,178.14. The sale was disclosed in a filing with the SEC, which is available at this link. Also, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the transaction, the president now owns 58,968 shares in the company, valued at approximately $4,826,530.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,925 shares of company stock worth $988,686. 1.26% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently commented on the company. DA Davidson reaffirmed a “buy” rating and set a $102.00 price objective (up previously from $96.00) on shares of SouthState in a research note on Monday, January 29th. Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a research report on Friday, January 5th. Truist Financial decreased their price objective on SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a research report on Monday, April 1st. Finally, UBS Group raised their target price on shares of SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $87.80.

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.