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

SouthState Co. (NASDAQ:SSB) announced a quarterly dividend on Wednesday, October 23rd. Shareholders on record as of Friday, November 8th will receive a dividend of $0.54 per share. This payment will be issued on Friday, November 15th. Overall, this reflects an annual dividend amounting to $2.16 and provides a dividend yield of 2.20%. Notably, the ex-dividend date for this distribution is also set for Friday, November 8th.

Over the past three years, SouthState has maintained an average annual raise of 2.8% in its dividend payments. Remarkably, the bank has consistently increased its dividend for the last 13 years.

Current Stock Performance

In trading on Thursday, SSB shares increased by $1.42, reaching a midday price of $98.06. The trading volume for the day was 551,985 shares, surpassing the average volume of 479,439 shares. With a market capitalization of $7.47 billion, SouthState has a price-to-earnings (PE) ratio of 15.75 and a beta value of 0.67. Additionally, the company maintains a low debt-to-equity ratio of 0.10 and has a current ratio and quick ratio both at 0.91. The stock's 12-month range shows a low of $63.36 and a high of $103.82, while its 50-day moving average stands at $96.10 and the 200-day moving average at $86.10.

Earnings Results

Recently, SouthState released its financial results on October 23rd. The bank reported earnings of $1.90 per share for the quarter, exceeding the consensus estimate of $1.64 by $0.26. The revenue for the quarter was reported at $426.41 million, slightly below the analysts' expectations of $429.47 million. The company's net margin was 20.84%, and it achieved a return on equity of 9.31%. Year-over-year, SouthState's revenue showed a minor decline of 0.4%. In the same quarter of the previous year, the bank registered earnings of $1.62 per share. Analysts predict that SouthState will achieve earnings per share of 6.69 for the current fiscal year.

Analyst Perspectives

Various analysts have provided updates on SouthState's stock. Truist Financial recently raised their price target on SSB shares from $109 to $111 while maintaining a "hold" rating. Similarly, Keefe, Bruyette & Woods increased their target from $95 to $110 and rated it as "outperform". Citigroup has initiated coverage, issuing a "neutral" rating with a price target of $102. Additionally, Stephens raised their price target from $88 to $101 with an "equal weight" rating. Hovde Group also increased their target from $97 to $112, marking it as "outperform". Currently, four analysts recommend holding the stock, while five suggest buying it, leading to a consensus rating of "Moderate Buy" with an average target price of $102.89.

Insider Transactions

In related developments, SouthState's CFO, William E. V. Matthews, sold 5,000 shares on September 20th at an average price of $100.00, totaling $500,000. Following this transaction, he holds 36,964 shares valued at approximately $3,696,400. Another insider, Daniel E. Bockhorst, also sold 2,500 shares on September 18th for $250,000, reducing his total holdings to 33,328 shares valued at $3,332,800. Currently, insiders own 1.26% of the company's stock.

Company Overview

SouthState Corporation serves as the bank holding company for SouthState Bank, National Association. It provides an extensive range of banking services, including checking and savings accounts, certificates of deposit, and various business banking services.

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