SouthState Bank (NYSE:SSB) Upgraded at UBS Group

UBS Group upgraded shares of SouthState Bank (NYSE:SSB) to a hold rating in a research note released on Tuesday morning,Zacks.com reports.

SSB has been the topic of a number of other reports. TD Cowen decreased their price objective on SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Hovde Group lifted their target price on SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Citigroup decreased their price target on SouthState Bank from $116.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, June 25th. Weiss Ratings cut SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. Finally, Fundamental Research set a $120.00 price objective on SouthState Bank in a research report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $117.50.

SouthState Bank Price Performance

SouthState Bank stock opened at $99.38 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.04. The company has a 50-day moving average price of $96.50 and a 200 day moving average price of $97.25. SouthState Bank has a 12-month low of $84.47 and a 12-month high of $108.46. The stock has a market cap of $9.71 billion, a P/E ratio of 10.72 and a beta of 0.70.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.07. The business had revenue of $661.70 million during the quarter, compared to analysts’ expectations of $669.28 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same quarter in the prior year, the company posted $0.87 EPS. Sell-side analysts anticipate that SouthState Bank will post 9.51 earnings per share for the current year.

SouthState Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Friday, May 8th. SouthState Bank’s dividend payout ratio is 25.89%.

Insider Activity at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the firm’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the completion of the transaction, the director directly owned 12,700 shares in the company, valued at $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SouthState Bank

Several hedge funds have recently bought and sold shares of SSB. Jane Street Group LLC grew its position in SouthState Bank by 4.6% in the 1st quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock valued at $7,703,000 after acquiring an additional 3,678 shares in the last quarter. M&T Bank Corp purchased a new stake in SouthState Bank during the second quarter worth about $245,000. Arrowstreet Capital Limited Partnership lifted its position in shares of SouthState Bank by 1,801.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company’s stock worth $5,825,000 after purchasing an additional 59,962 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of SouthState Bank by 31.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock valued at $176,000 after purchasing an additional 452 shares during the period. Finally, Jump Financial LLC acquired a new position in shares of SouthState Bank in the second quarter valued at approximately $919,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

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.