Brokerages Set SouthState Bank Corporation (NYSE:SSB) Price Target at $119.64

Shares of SouthState Bank Corporation (NYSE:SSB) have earned an average rating of “Buy” from the thirteen brokerages that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $119.6429.

Several research analysts recently weighed in on the company. Barclays cut their target price on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 7th. UBS Group downgraded SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target for the company. in a research report on Tuesday, July 7th. Stephens restated an “overweight” rating and set a $116.00 price target on shares of SouthState Bank in a research note on Monday, July 27th. Citigroup raised their price objective on SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Finally, Wall Street Zen lowered SouthState Bank from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th.

Insider Activity at SouthState Bank

In other SouthState Bank news, CFO William Matthews sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction 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. The trade was a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David R. Brooks sold 24,650 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the completion of the sale, the director directly owned 7,900 shares of the company’s stock, valued at $869,000. The trade was a 75.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 34,831 shares of company stock worth $3,814,274 in the last 90 days. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SouthState Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in SouthState Bank in the 2nd quarter valued at $28,000. Root Financial Partners LLC lifted its stake in shares of SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after purchasing an additional 210 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in shares of SouthState Bank during the second quarter worth about $50,000. GHP Investment Advisors Inc. acquired a new position in shares of SouthState Bank during the first quarter worth about $52,000. Finally, Trust Co. of Vermont purchased a new stake in shares of SouthState Bank in the second quarter worth about $65,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Bank Stock Performance

Shares of SSB stock opened at $103.92 on Monday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market capitalization of $10.08 billion, a price-to-earnings ratio of 10.93 and a beta of 0.72. SouthState Bank has a one year low of $84.47 and a one year high of $112.20. The company has a 50 day moving average price of $105.92 and a 200 day moving average price of $99.27.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The company had revenue of $672.67 million for the quarter, compared to analyst estimates of $676.83 million. During the same quarter last year, the business earned $2.30 EPS. Sell-side analysts anticipate that SouthState Bank will post 9.51 EPS for the current year.

SouthState Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were given a dividend of $0.66 per share. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. SouthState Bank’s dividend payout ratio is currently 27.76%.

About SouthState Bank

SouthState Bank is the principal banking subsidiary of SouthState Corporation (NYSE: SSB), a regional financial institution headquartered in Winter Haven, Florida. The bank provides banking and financial services to individuals, families, businesses and institutions through a network of branches and digital banking channels.

Its offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit cards, treasury management, cash management and online and mobile banking.