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

SouthState Bank (NYSE:SSB) had its price target boosted by Citigroup from $116.00 to $120.00 in a research note released on Monday,Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on the stock. Barclays upped their target price on shares of SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a research note on Monday. TD Cowen cut their price target on SouthState Bank from $120.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, January 7th. DA Davidson upped their price objective on SouthState Bank from $112.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday. UBS Group decreased their price objective on SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Finally, Stephens lifted their target price on SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $117.21.

SouthState Bank Stock Performance

NYSE SSB opened at $100.94 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The company has a market cap of $10.14 billion, a PE ratio of 12.84 and a beta of 0.74. The business’s 50 day simple moving average is $95.16. SouthState Bank has a 52-week low of $77.74 and a 52-week high of $109.64.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.30 by $0.17. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. The firm had revenue of $686.87 million for the quarter, compared to analyst estimates of $667.88 million. During the same quarter in the previous year, the firm posted $1.93 earnings per share.

SouthState Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, February 6th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is 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 Inflows and Outflows

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

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.