SouthState Bank Corporation (NYSE:SSB) Receives Average Rating of “Buy” from Brokerages

Shares of SouthState Bank Corporation (NYSE:SSB) have been given an average recommendation of “Buy” by the fifteen ratings firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation, twelve have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $118.7143.

A number of analysts have weighed in on the company. TD Cowen upped their price target on SouthState Bank from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Jefferies Financial Group lifted their price target on SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a report on Monday, February 2nd. Hovde Group raised SouthState Bank from a “market perform” rating to an “outperform” rating and set a $110.00 price target for the company in a report on Thursday, March 19th. DA Davidson lifted their price target on SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Finally, Citigroup lifted their price target on SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a report on Monday, January 26th.

Institutional Investors Weigh In On SouthState Bank

Institutional investors and hedge funds have recently made changes to their positions in the company. Mather Group LLC. acquired a new stake in shares of SouthState Bank in the 3rd quarter valued at approximately $33,000. Global Retirement Partners LLC raised its position 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 valued at $36,000 after acquiring an additional 188 shares during the period. True Wealth Design LLC raised its position 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 valued at $37,000 after acquiring an additional 377 shares during the period. Covestor Ltd raised its position in shares of SouthState Bank by 385.1% in 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. Finally, Measured Wealth Private Client Group LLC acquired a new stake in shares of SouthState Bank in the 3rd quarter valued at approximately $51,000. Institutional investors own 89.76% of the company’s stock.

SouthState Bank Stock Performance

Shares of NYSE SSB opened at $98.11 on Friday. The business has a fifty day simple moving average of $96.32 and a 200 day simple moving average of $95.46. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $9.62 billion, a price-to-earnings ratio of 12.48 and a beta of 0.75. SouthState Bank has a one year low of $84.47 and a one year high of $108.46.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. The business had revenue of $661.70 million during the quarter, compared to analyst estimates of $669.29 million. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.During the same period in the prior year, the company posted $0.87 earnings per share. Sell-side analysts expect that SouthState Bank will post 9.54 EPS for the current year.

SouthState Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Friday, May 8th will be given a dividend of $0.60 per share. The ex-dividend date is Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. SouthState Bank’s payout ratio 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.