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

SouthState Bank (NYSE:SSB) had its price target upped by TD Cowen from $115.00 to $120.00 in a research report report published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms also recently weighed in on SSB. JPMorgan Chase & Co. began coverage on shares of SouthState Bank in a research note on Friday, December 12th. They issued an “overweight” rating and a $115.00 price target on the stock. Stephens upped their target price on SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday. Piper Sandler cut their price target on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. UBS Group lowered their price target on SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Finally, Barclays increased their price objective on SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a report on Monday. Two research 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 company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $117.21.

SouthState Bank Price Performance

NYSE SSB opened at $100.94 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $10.14 billion, a price-to-earnings ratio of 12.84 and a beta of 0.74. The stock has a 50 day moving average of $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 released its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, beating the consensus estimate 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 prior year, the business earned $1.93 EPS.

SouthState Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, February 6th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. SouthState Bank’s dividend payout ratio is currently 30.53%.

Institutional Investors Weigh In On SouthState Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its holdings in SouthState Bank by 12.4% during the second quarter. Blue Trust Inc. now owns 991 shares of the company’s stock valued at $91,000 after purchasing an additional 109 shares during the last quarter. Sheets Smith Wealth Management boosted its holdings in shares of SouthState Bank by 1.7% during the 3rd 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. B. Riley Wealth Advisors Inc. boosted its holdings in shares of 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 buying an additional 115 shares during the period. Nicholson Wealth Management Group LLC grew its stake in SouthState Bank by 1.8% in the 2nd quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock valued at $663,000 after buying an additional 125 shares during the last quarter. Finally, Fifth Third Bancorp raised its holdings in SouthState Bank by 14.0% in the 2nd quarter. Fifth Third Bancorp now owns 1,090 shares of the company’s stock worth $100,000 after acquiring an additional 134 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.