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

SouthState Co. (NASDAQ:SSB) announced 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 2.67%. The ex-dividend date of this dividend is Thursday, May 9th.

SouthState has raised its dividend payment 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 Stock Performance

Shares of SSB traded down $1.07 during midday trading on Friday, hitting $77.89. 466,802 shares of the stock traded hands, compared to its average volume of 417,040. The business’s 50 day moving average price is $81.55 and its two-hundred day moving average price is $78.81. The firm has a market capitalization of $5.94 billion, a PE ratio of 12.13 and a beta of 0.74. 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 has a 1-year low of $59.51 and a 1-year high of $87.77.

SouthState (NASDAQ:SSB) last posted its earnings results on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, topping the consensus estimate 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%. SouthState’s quarterly revenue was down 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.93 EPS. Equities research analysts predict that SouthState will post 6.51 EPS for the current fiscal year.

Insider Activity at SouthState

In related news, President Richard Iv Murray sold 4,900 shares of SouthState 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 directly owns 58,968 shares in the company, valued at approximately $4,826,530.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState 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 transaction, the insider now owns 35,828 shares in the company, valued at $2,902,068. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Richard Iv Murray sold 4,900 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the sale, the president now directly owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The disclosure for this sale can be found here. Insiders sold a total of 11,925 shares of company stock valued at $988,686 over the last ninety days. Insiders own 1.26% of the company’s stock.

Analysts Set New Price Targets

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