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

SouthState Co. (NASDAQ:SSB) announced its quarterly dividend on Wednesday, October 23rd. Shareholders who are on record as of Friday, November 8th, will receive a dividend of $0.54 per share on Friday, November 15th. This dividend amounts to $2.16 on an annualized basis and represents a yield of 2.20%. The ex-dividend date is also set for Friday, November 8th.

Over the past three years, SouthState has progressively increased its dividend by an average of 2.8% each year, successfully maintaining an annual dividend increase for 13 consecutive years.

SouthState's Stock Performance

During midday trading on Thursday, SSB stock saw a gain of 1.5%, rising by $1.42 to reach $98.06. The trading volume was notable, with 551,985 shares compared to the average volume of 479,439 shares. The company has a market capitalization of $7.47 billion, a price-to-earnings (PE) ratio of 15.75, and a beta of 0.67. SouthState's debt-to-equity ratio stands at 0.10, with a current ratio and quick ratio both at 0.91. The stock's range over the past year has been between a low of $63.36 and a high of $103.82, with the 50-day and 200-day moving averages at $96.10 and $86.10, respectively.

Financial Results Overview

SouthState reported its latest earnings results on October 23rd, revealing an earnings per share (EPS) of $1.90 for the quarter, exceeding the consensus estimate of $1.64 by $0.26. The bank generated revenue of $426.41 million during this period, which is slightly below analyst expectations of $429.47 million. The net margin for the quarter was calculated at 20.84%, and the return on equity recorded was 9.31%. Year-over-year, the revenue has decreased by 0.4%. In comparison, the bank had an EPS of $1.62 during the same quarter last year. Analysts currently forecast that SouthState will achieve an EPS of 6.69 for the current fiscal year.

Analysts' Price Targets

A review of various equity analysts' opinions on SSB shares shows that Truist Financial has increased their price target from $109.00 to $111.00 while maintaining a "hold" rating as of September 20th. Additionally, Keefe, Bruyette & Woods raised their price target from $95.00 to $110.00 and assigned an "outperform" rating on July 29th. Citigroup also commenced coverage on SSB, assigning a "neutral" rating with a target price of $102.00 on October 10th. On the same day, Stephens raised their price target from $88.00 to $101.00, reflecting an "equal weight" rating. Finally, Hovde Group saw an increase in their target price from $97.00 to $112.00, giving SouthState an "outperform" rating. Currently, four research analysts rate the stock as a hold, while five have recommended a buy rating, leading to a consensus rating classified as a "Moderate Buy," with an average price target of $102.89.

Insider Transactions

In related insider trading news, Chief Financial Officer William E. V. Matthews sold 5,000 shares of SouthState on September 20th. The shares were sold at an average price of $100.00, resulting in a total transaction value of $500,000. Following this sale, Matthews now holds 36,964 shares of the company's stock, which is worth approximately $3,696,400. Besides, insider Daniel E. Bockhorst also sold 2,500 shares on September 18th for an equivalent average price of $100.00, amounting to a total of $250,000. After this sale, Bockhorst directly owns 33,328 shares valued at around $3,332,800. Currently, insider ownership stands at 1.26% of the company's stock.

About SouthState Co.

SouthState Corporation acts as the holding company for SouthState Bank, National Association. The bank offers a variety of banking services and products to both individuals and businesses. These services include checking and savings accounts, interest-bearing transaction accounts, certificates of deposit, and other time deposit products, as well as corporate checking services and various asset/liability consulting activities.

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