SouthState Bank (NYSE:SSB) Price Target Raised to $120.00

SouthState Bank (NYSE:SSB) had its price target lifted by Stephens from $110.00 to $120.00 in a report published on Monday,Benzinga reports. Stephens currently has an overweight rating on the stock.

SSB has been the subject of several other reports. Raymond James Financial upped their target price on SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a report on Wednesday, January 7th. Barclays lowered their target price on shares of SouthState Bank from $125.00 to $122.00 and set an “overweight” rating for the company in a research note on Friday, December 19th. Citigroup cut their price objective on shares of SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Piper Sandler cut their target price on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Finally, DA Davidson increased their price target on shares of SouthState Bank from $112.00 to $119.00 and gave the stock a “buy” rating in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank currently has an average rating of “Buy” and a consensus price target of $117.21.

SouthState Bank Price Performance

Shares of NYSE:SSB opened at $100.94 on Monday. The company’s 50 day simple moving average is $95.16. SouthState Bank has a 1 year low of $77.74 and a 1 year high of $109.64. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $10.14 billion, a price-to-earnings ratio of 12.84 and a beta of 0.74.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.17. The business 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 last year, the firm posted $1.93 earnings per share.

SouthState Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, February 6th will be given a $0.60 dividend. The ex-dividend date is Friday, February 6th. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. SouthState Bank’s dividend payout ratio (DPR) is 30.53%.

Institutional Trading of SouthState Bank

Institutional investors have recently made changes to their positions in the company. Kingswood Wealth Advisors LLC acquired a new position in SouthState Bank during the fourth quarter worth about $219,000. Ruffer LLP purchased a new stake in SouthState Bank in the 4th quarter valued at about $3,078,000. M&T Bank Corp lifted its holdings in shares of SouthState Bank by 380.4% in the 4th quarter. M&T Bank Corp now owns 12,851 shares of the company’s stock worth $1,209,000 after acquiring an additional 10,176 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in SouthState Bank by 6.4% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 38,593 shares of the company’s stock worth $3,632,000 after purchasing an additional 2,329 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in SouthState Bank by 12.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,593 shares of the company’s stock worth $2,973,000 after acquiring an additional 3,480 shares in the last quarter. 89.76% of the stock is 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.