Analysts Set SouthState Bank Corporation (NYSE:SSB) Target Price at $118.71

Shares of SouthState Bank Corporation (NYSE:SSB) have been assigned an average recommendation of “Buy” from the fifteen analysts that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $118.7143.

A number of analysts recently commented on the company. Weiss Ratings raised SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. Stephens raised their price target on shares of SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Raymond James Financial lifted their price target on shares of SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a report on Wednesday, January 7th. Barclays upped their price objective on shares of SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Finally, JPMorgan Chase & Co. initiated coverage on shares of SouthState Bank in a research note on Friday, December 12th. They issued an “overweight” rating and a $115.00 target price for the company.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. MidFirst Bank acquired a new stake in shares of SouthState Bank in the fourth quarter worth approximately $398,000. DGS Capital Management LLC purchased a new position in SouthState Bank during the fourth quarter worth approximately $493,000. Wealth Preservation Advisors LLC purchased a new stake in shares of SouthState Bank during the 4th quarter valued at $422,000. Invesco Ltd. grew its stake in shares of SouthState Bank by 3.6% during the 4th quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock valued at $155,068,000 after buying an additional 56,693 shares during the period. Finally, Crusonia Wealth Advisors LLC acquired a new stake in shares of SouthState Bank during the 4th quarter worth $448,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Bank Trading Up 1.1%

Shares of SSB opened at $99.72 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank has a 1-year low of $77.74 and a 1-year high of $108.46. The stock has a market cap of $9.78 billion, a price-to-earnings ratio of 12.69 and a beta of 0.73. The firm has a 50 day simple moving average of $100.23 and a 200-day simple moving average of $96.98.

SouthState Bank (NYSE:SSB) last posted its earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.17. The firm had revenue of $686.87 million for the quarter, compared to analyst estimates of $667.88 million. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.During the same quarter in the prior year, the company earned $1.93 EPS.

SouthState Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, February 6th were given a dividend of $0.60 per share. The ex-dividend date was Friday, February 6th. This represents a $2.40 annualized dividend and a yield of 2.4%. SouthState Bank’s dividend payout ratio is 30.53%.

SouthState Bank Company Profile

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.