SouthState Bank Corporation (NYSE:SSB) Receives $119.07 Consensus PT from Brokerages

SouthState Bank Corporation (NYSE:SSB) has been given an average recommendation of “Buy” by the fifteen analysts that are covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation, twelve have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $119.0714.

Several research firms have recently commented on SSB. Hovde Group raised shares of SouthState Bank from a “market perform” rating to an “outperform” rating and set a $110.00 target price for the company in a research report on Thursday, March 19th. JPMorgan Chase & Co. assumed coverage on shares of SouthState Bank in a research report on Friday, December 12th. They set an “overweight” rating and a $115.00 price target on the stock. DA Davidson increased their price target on shares of SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Barclays raised their price objective on shares of SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Finally, Raymond James Financial lifted their price objective on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research report on Wednesday, January 7th.

Institutional Investors Weigh In On SouthState Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mather Group LLC. purchased a new position in SouthState Bank during the third quarter valued at $33,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of SouthState Bank in the 2nd quarter worth about $34,000. Global Retirement Partners LLC increased its stake in shares of SouthState Bank by 106.8% in the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after acquiring an additional 188 shares in the last quarter. True Wealth Design LLC increased its stake in shares of SouthState Bank by 37,700.0% in the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company’s stock worth $37,000 after acquiring an additional 377 shares in the last quarter. Finally, Covestor Ltd lifted its position in SouthState Bank by 385.1% during the 3rd quarter. Covestor Ltd now owns 490 shares of the company’s stock valued at $49,000 after acquiring an additional 389 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Price Performance

SSB opened at $91.67 on Monday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a market capitalization of $8.99 billion, a PE ratio of 11.66 and a beta of 0.73. The stock’s 50 day moving average price is $99.00 and its 200-day moving average price is $96.11. SouthState Bank has a 52-week low of $77.74 and a 52-week high of $108.46.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, topping analysts’ consensus estimates 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 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Friday, February 6th. SouthState Bank’s dividend payout ratio (DPR) is presently 30.53%.

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.