SouthState Bank (NYSE:SSB) Price Target Raised to $115.00

SouthState Bank (NYSE:SSB) had its target price increased by Raymond James Financial from $110.00 to $115.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a strong-buy rating on the stock.

A number of other research analysts have also weighed in on SSB. Stephens reduced their price target on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. National Bankshares set a $127.00 target price on SouthState Bank in a research note on Wednesday, September 24th. Citigroup decreased their price target on SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Piper Sandler lowered their price target on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a report on Monday, October 27th. Finally, UBS Group cut their price objective on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $115.07.

SouthState Bank Price Performance

SouthState Bank stock opened at $97.64 on Wednesday. The firm has a market cap of $9.81 billion, a PE ratio of 13.43 and a beta of 0.74. SouthState Bank has a 12-month low of $77.74 and a 12-month high of $109.64. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.93. The business’s 50-day moving average price is $92.27.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.20 by $0.38. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. The business had revenue of $698.78 million during the quarter, compared to analyst estimates of $660.41 million. During the same quarter in the previous year, the business posted $1.90 earnings per share.

SouthState Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 7th were issued a dividend of $0.60 per share. The ex-dividend date was Friday, November 7th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank’s payout ratio is presently 33.01%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SSB. Mather Group LLC. purchased a new stake in SouthState Bank during the third quarter worth approximately $33,000. Global Retirement Partners LLC boosted its position in SouthState Bank by 106.8% during the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after purchasing an additional 188 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in SouthState Bank during the 2nd quarter worth $34,000. True Wealth Design LLC increased its holdings in SouthState Bank by 37,700.0% in the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company’s stock valued at $37,000 after purchasing an additional 377 shares in the last quarter. Finally, Flaharty Asset Management LLC purchased a new position in SouthState Bank in the first quarter valued at about $45,000. 89.76% of the stock is 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.