SouthState Bank Corporation (NYSE:SSB) Given Average Rating of “Moderate Buy” by Analysts

Shares of SouthState Bank Corporation (NYSE:SSB) have been assigned a consensus recommendation of “Moderate Buy” from the fourteen research firms that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $119.6429.

SSB has been the subject of a number of recent analyst reports. Fundamental Research set a $120.00 target price on SouthState Bank in a report on Wednesday, July 1st. UBS Group cut shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target on the stock. in a report on Tuesday, July 7th. Piper Sandler boosted their price objective on shares of SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a research report on Monday. DA Davidson restated a “buy” rating and issued a $125.00 price objective on shares of SouthState Bank in a report on Wednesday, June 10th. Finally, JPMorgan Chase & Co. raised their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st.

Institutional Trading of SouthState Bank

Large investors have recently bought and sold shares of the company. Nicholas Hoffman & Company LLC. lifted its position in SouthState Bank by 0.7% during the fourth quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock valued at $1,555,000 after buying an additional 111 shares during the period. Cetera Investment Advisers grew its position in shares of SouthState Bank by 0.6% in the 1st quarter. Cetera Investment Advisers now owns 18,959 shares of the company’s stock worth $1,754,000 after buying an additional 116 shares during the period. HB Wealth Management LLC increased its stake in shares of SouthState Bank by 0.7% in the 1st quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock worth $1,670,000 after acquiring an additional 129 shares in the last quarter. MML Investors Services LLC increased its stake in shares of SouthState Bank by 5.9% in the 4th quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock worth $222,000 after acquiring an additional 131 shares in the last quarter. Finally, FourThought Financial Partners LLC increased its stake in shares of SouthState Bank by 5.8% in the 4th quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock worth $239,000 after acquiring an additional 139 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

SouthState Bank Stock Down 0.3%

NYSE SSB opened at $105.37 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $10.29 billion, a PE ratio of 11.08 and a beta of 0.70. SouthState Bank has a 1 year low of $84.47 and a 1 year high of $108.46. The business’s 50-day moving average is $98.97 and its 200 day moving average is $98.00.

SouthState Bank (NYSE:SSB) last released its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.The business had revenue of $672.67 million during the quarter, compared to analyst estimates of $676.83 million. During the same quarter in the prior year, the company posted $2.30 EPS. Sell-side analysts forecast that SouthState Bank will post 9.49 earnings per share for the current year.

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be paid a $0.66 dividend. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. SouthState Bank’s payout ratio is currently 25.24%.

About SouthState Bank

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.