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

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

Over the past three years, SouthState has consistently increased its dividend payout, averaging a 2.8% annual rise. Remarkably, the bank has successfully raised its dividend every year for the last 13 consecutive years.

Market Performance and Stock Details

SouthState's stock price saw an uptick of 1.5% as it traded at $98.06 during midday on Thursday, with a notable trading volume of 551,985 shares—exceeding the average volume of 479,439 shares. The company has a market capitalization of $7.47 billion, with a price-to-earnings (PE) ratio of 15.75 and a beta of 0.67. Notably, its debt-to-equity ratio stands at a low 0.10, indicating strong financial health. In terms of liquidity, it has a current ratio of 0.91 and a quick ratio of 0.91. The stock's 12-month performance includes a low of $63.36 and a high of $103.82. Currently, the 50-day moving average price is $96.10, while the 200-day moving average is $86.10.

Earnings Report Summary

SouthState recently reported its quarterly earnings results coinciding with the dividend announcement. The bank achieved earnings of $1.90 per share (EPS), surpassing analysts' expectations, which were set at $1.64, by a margin of $0.26. The firm recorded a revenue of $426.41 million for the quarter, slightly below the anticipated $429.47 million. SouthState's net profit margin was reported at 20.84%, with a return on equity of 9.31%. Year-over-year, SouthState's revenue showed a slight decline of 0.4%, as compared to the previous year when the EPS was $1.62. Analysts forecast an average EPS of 6.69 for SouthState in the current fiscal year.

Analyst Ratings and Price Targets

Several analysts have recently revised their price targets for SouthState's stock (SSB). Truist Financial upgraded its target from $109.00 to $111.00 while maintaining a "hold" rating as of September 20th. Keefe, Bruyette & Woods increased their target from $95.00 to $110.00, giving an "outperform" rating on July 29th. Citigroup initiated coverage on the stock with a "neutral" rating and a target price of $102.00 on October 10th. In addition, Stephens raised their target from $88.00 to $101.00, marking an "equal weight" rating on the same day. Hovde Group also updated their target, increasing it from $97.00 to $112.00 with an "outperform" rating. Overall, four analysts recommend holding the stock, while five suggest a buy, leading to a consensus rating of "Moderate Buy" with an average price target of approximately $102.89.

Insider Transactions

In other news, Chief Financial Officer William E. V. Matthews sold 5,000 shares of SouthState on September 20th at an average price of $100.00, amounting to $500,000. After this transaction, he retains 36,964 shares valued at approximately $3.69 million. This trade only slightly reduced his holdings in the company. The SEC has all disclosed transactions available for public viewing. Furthermore, insider Daniel E. Bockhorst sold 2,500 shares on September 18th, also at around $100.00, totaling $250,000. After this trade, he holds 33,328 shares of the company valued at about $3.33 million. Currently, 1.26% of the stock is held by insiders.

Company Overview

SouthState Corporation serves as the holding company for SouthState Bank, which offers a variety of banking services and products targeted towards both individuals and businesses. Their offerings include checking accounts, savings deposits, certificates of deposits, and money market accounts, along with asset consulting services and corporate checking accounts.

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