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

SouthState Co. (NASDAQ:SSB) announced a quarterly dividend on Thursday, April 25th, NASDAQ reports. Investors 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 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend is Thursday, May 9th.

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

SouthState Stock Performance

Shares of SSB opened at $80.33 on Tuesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $6.13 billion, a P/E ratio of 12.09 and a beta of 0.75. The company’s fifty day moving average is $80.74 and its two-hundred day moving average is $79.44. 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 data on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.03. The company had revenue of $415.49 million for the quarter, compared to analysts’ expectations of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.24%. SouthState’s revenue was down 8.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.93 EPS. On average, sell-side analysts predict that SouthState will post 6.37 earnings per share for the current year.

Insider Transactions at SouthState

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

Wall Street Analyst Weigh In

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

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.