SouthState Bank (NYSE:SSB) Price Target Raised to $128.00

SouthState Bank (NYSE:SSB) had its target price boosted by Barclays from $120.00 to $128.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages also recently commented on SSB. Weiss Ratings reissued a “buy (b)” rating on shares of SouthState Bank in a research note on Monday, October 12th. Stephens boosted their target price on shares of SouthState Bank from $116.00 to $119.00 and gave the stock an “overweight” rating in a research note on Monday, October 26th. UBS Group cut shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price on the stock. in a research note on Tuesday, July 7th. Piper Sandler upped their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. Finally, Wall Street Zen cut SouthState Bank from a “hold” rating to a “sell” rating in a research note on Saturday, October 24th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $119.62.

SouthState Bank Stock Down 1.8%

SSB stock opened at $104.75 on Tuesday. The stock has a market capitalization of $10.13 billion, a P/E ratio of 11.16 and a beta of 0.77. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.06. SouthState Bank has a 12 month low of $84.47 and a 12 month high of $112.20. The firm has a 50-day moving average price of $103.60 and a 200-day moving average price of $100.40.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Wednesday, October 21st. The company reported $2.30 earnings per share for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.10). The company had revenue of $685.43 million during the quarter, compared to analyst estimates of $691.13 million. SouthState Bank had a net margin of 24.63% and a return on equity of 10.23%. During the same quarter in the previous year, the business posted $2.58 earnings per share. As a group, equities research analysts anticipate that SouthState Bank will post 9.35 EPS for the current fiscal year.

SouthState Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, November 6th will be paid a $0.66 dividend. The ex-dividend date of this dividend is Friday, November 6th. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. SouthState Bank’s payout ratio is currently 28.12%.

Insider Buying and Selling at SouthState Bank

In related news, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the sale, the chief financial officer directly owned 40,568 shares in the company, valued at $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. King Luther Capital Management Corp acquired a new position in shares of SouthState Bank during the 3rd quarter valued at $312,000. Maryland State Retirement & Pension System boosted its stake in SouthState Bank by 26.8% during the third quarter. Maryland State Retirement & Pension System now owns 6,182 shares of the company’s stock worth $615,000 after acquiring an additional 1,308 shares in the last quarter. Ritholtz Wealth Management boosted its stake in SouthState Bank by 29.7% during the third quarter. Ritholtz Wealth Management now owns 5,607 shares of the company’s stock worth $558,000 after acquiring an additional 1,284 shares in the last quarter. Lido Advisors LLC bought a new position in SouthState Bank during the third quarter worth $315,000. Finally, Keybank National Association OH grew its holdings in SouthState Bank by 2.3% in the third quarter. Keybank National Association OH now owns 6,094 shares of the company’s stock worth $607,000 after purchasing an additional 137 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Bank Company Profile

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.