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

Shares of SouthState Bank Corporation (NYSE:SSB) have earned a consensus recommendation of “Buy” from the fifteen analysts that are currently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $118.7143.

Several brokerages recently weighed in on SSB. Raymond James Financial boosted their price objective on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a report on Wednesday, January 7th. UBS Group decreased their target price on SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. JPMorgan Chase & Co. began coverage on SouthState Bank in a research report on Friday, December 12th. They set an “overweight” rating and a $115.00 price target on the stock. Stephens lifted their price objective on shares of SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Finally, Citigroup boosted their target price on shares of SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, January 26th.

SouthState Bank Stock Up 0.5%

Shares of NYSE:SSB opened at $99.05 on Thursday. The firm has a market cap of $9.71 billion, a PE ratio of 12.60 and a beta of 0.73. The company has a fifty day simple moving average of $100.34 and a 200 day simple moving average of $97.01. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.03. SouthState Bank has a 12-month low of $77.74 and a 12-month high of $108.46.

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

SouthState Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, February 6th were paid a dividend of $0.60 per share. The ex-dividend date was Friday, February 6th. This represents a $2.40 annualized dividend and a yield of 2.4%. SouthState Bank’s dividend payout ratio is 30.53%.

Institutional Trading of SouthState Bank

A number of institutional investors and hedge funds have recently made changes to their positions in SSB. Sheets Smith Wealth Management boosted its position 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 worth $638,000 after buying an additional 111 shares during the period. Blue Trust Inc. raised its position in SouthState Bank by 11.2% during the third quarter. Blue Trust Inc. now owns 1,102 shares of the company’s stock valued at $109,000 after buying an additional 111 shares during the period. Nicholas Hoffman & Company LLC. lifted its stake in SouthState Bank by 0.7% in the 4th quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock worth $1,555,000 after acquiring an additional 111 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its position in SouthState Bank by 4.9% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock worth $245,000 after acquiring an additional 115 shares during the period. Finally, MML Investors Services LLC boosted its position in SouthState Bank by 5.9% during the 4th quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock worth $222,000 after acquiring an additional 131 shares during the period. 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.