TD Cowen Cuts SouthState Bank (NYSE:SSB) Price Target to $115.00

SouthState Bank (NYSE:SSB) had its target price trimmed by TD Cowen from $120.00 to $115.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also commented on SSB. National Bankshares set a $127.00 target price on SouthState Bank in a research report on Wednesday, September 24th. Cowen assumed coverage on SouthState Bank in a research note on Wednesday, September 24th. They set a “buy” rating on the stock. Raymond James Financial boosted their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research note on Wednesday. Weiss Ratings reissued a “hold (c+)” rating on shares of SouthState Bank in a report on Monday, December 29th. Finally, Stephens decreased their price target on shares of SouthState Bank from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Monday, October 27th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $115.07.

SouthState Bank Stock Performance

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

SouthState Bank (NYSE:SSB) last issued its quarterly 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 for the quarter, compared to analysts’ expectations of $660.41 million. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. During the same quarter last year, the company posted $1.90 earnings per share.

SouthState Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were paid a $0.60 dividend. 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 dividend payout ratio (DPR) is presently 33.01%.

Hedge Funds Weigh In On SouthState Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. raised its stake in SouthState Bank by 12.4% during the 2nd quarter. Blue Trust Inc. now owns 991 shares of the company’s stock valued at $91,000 after acquiring an additional 109 shares in the last quarter. Sheets Smith Wealth Management raised its stake in shares of SouthState Bank by 1.7% during the third quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company’s stock valued at $638,000 after purchasing an additional 111 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its holdings in SouthState Bank by 4.9% in the third quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock worth $245,000 after purchasing an additional 115 shares during the period. Nicholson Wealth Management Group LLC lifted its holdings in SouthState Bank by 1.8% in the second quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock worth $663,000 after purchasing an additional 125 shares during the period. Finally, Fifth Third Bancorp grew its position in SouthState Bank by 14.0% in the 2nd quarter. Fifth Third Bancorp now owns 1,090 shares of the company’s stock valued at $100,000 after buying an additional 134 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.