SouthState Bank Corporation (NYSE:SSB) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of SouthState Bank Corporation (NYSE:SSB) have earned a consensus recommendation of “Moderate Buy” from the sixteen ratings firms that are currently covering the company, MarketBeat reports. Three analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $115.0714.

Several brokerages have recently commented on SSB. JPMorgan Chase & Co. assumed coverage on shares of SouthState Bank in a research report on Friday, December 12th. They set an “overweight” rating and a $115.00 price objective for the company. Stephens cut their target price on shares of SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Cowen assumed coverage on shares of SouthState Bank in a research note on Wednesday, September 24th. They issued a “buy” rating for the company. UBS Group dropped their price objective on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Finally, Barclays reduced their target price on SouthState Bank from $125.00 to $122.00 and set an “overweight” rating for the company in a research note on Friday, December 19th.

SouthState Bank Trading Down 0.7%

SSB stock opened at $97.64 on Wednesday. The company has a market cap of $9.81 billion, a price-to-earnings ratio of 13.43 and a beta of 0.74. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a 50-day simple moving average of $92.27. SouthState Bank has a 1-year low of $77.74 and a 1-year high of $109.64.

SouthState Bank (NYSE:SSB) last released its earnings results on Wednesday, October 22nd. The company reported $2.58 EPS for the quarter, topping the consensus estimate of $2.20 by $0.38. The business had revenue of $698.78 million during the quarter, compared to analysts’ expectations of $660.41 million. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.During the same quarter last year, the firm posted $1.90 earnings per share.

SouthState Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 7th were issued a dividend of $0.60 per share. The ex-dividend date was Friday, November 7th. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. SouthState Bank’s payout ratio is currently 33.01%.

Institutional Trading of SouthState Bank

Hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC raised its holdings in SouthState Bank by 1,246.6% during the fourth quarter. SG Americas Securities LLC now owns 152,977 shares of the company’s stock worth $14,397,000 after buying an additional 141,617 shares during the last quarter. Corsicana & Co. bought a new stake in shares of SouthState Bank during the fourth quarter worth about $113,000. Central Pacific Bank Trust Division acquired a new stake in shares of SouthState Bank in the 4th quarter worth about $142,000. JPMorgan Chase & Co. raised its holdings in shares of SouthState Bank by 4.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company’s stock worth $37,675,000 after acquiring an additional 16,974 shares during the last quarter. Finally, Allworth Financial LP lifted its position in SouthState Bank by 44.8% in the 3rd quarter. Allworth Financial LP now owns 1,917 shares of the company’s stock valued at $190,000 after acquiring an additional 593 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

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.