SouthState Bank Corporation (NYSE:SSB) Receives $117.21 Average Target Price from Analysts

SouthState Bank Corporation (NYSE:SSB) has been given a consensus rating of “Buy” by the fifteen ratings firms that are presently covering the company, MarketBeat Ratings reports. Two 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 12 month price objective among brokers that have issued ratings on the stock in the last year is $118.7143.

SSB has been the subject of a number of research reports. JPMorgan Chase & Co. began coverage on shares of SouthState Bank in a report on Friday, December 12th. They set an “overweight” rating and a $115.00 target price for the company. Stephens boosted their price target on shares of SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Raymond James Financial increased their price objective on shares of SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a report on Wednesday, January 7th. Citigroup raised their target price on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Finally, Barclays upped their price target on SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research report on Monday, January 26th.

SouthState Bank Stock Performance

SouthState Bank stock opened at $107.93 on Friday. The firm has a market cap of $10.85 billion, a PE ratio of 13.73 and a beta of 0.74. The company has a fifty day moving average of $97.40. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. SouthState Bank has a 1 year low of $77.74 and a 1 year high of $108.46.

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

SouthState Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, February 6th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, February 6th. SouthState Bank’s payout ratio is currently 30.53%.

Institutional Investors Weigh In On SouthState Bank

Hedge funds and other institutional investors have recently bought and sold shares of the company. Blue Trust Inc. raised its position in SouthState Bank by 12.4% in the second quarter. Blue Trust Inc. now owns 991 shares of the company’s stock valued at $91,000 after purchasing an additional 109 shares during the period. Sheets Smith Wealth Management grew its stake in shares of SouthState Bank by 1.7% in the third quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company’s stock valued at $638,000 after buying an additional 111 shares in the last quarter. Nicholas Hoffman & Company LLC. grew its stake in shares of SouthState Bank by 0.7% in 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 in the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in shares of SouthState Bank by 4.9% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock valued at $245,000 after buying an additional 115 shares during the period. Finally, Nicholson Wealth Management Group LLC lifted its stake in SouthState Bank by 1.8% during the 2nd quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock worth $663,000 after acquiring an additional 125 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.