SouthState Bank Corporation (NYSE:SSB) Receives $119.64 Consensus Price Target from Brokerages

Shares of SouthState Bank Corporation (NYSE:SSB) have received a consensus rating of “Buy” from the thirteen research firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $119.6429.

Several analysts have commented on SSB shares. DA Davidson reiterated a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a research note on Wednesday, June 10th. Barclays lowered their price target on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th. Fundamental Research set a $120.00 price objective on SouthState Bank in a report on Wednesday, July 1st. Finally, Hovde Group boosted their target price on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th.

Insider Activity at SouthState Bank

In related news, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the transaction, the chief financial officer owned 40,568 shares in the company, valued at $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the completion of the sale, the director owned 7,900 shares in the company, valued at $869,000. This represents a 75.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 34,831 shares of company stock valued at $3,814,274 over the last three months. 1.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SouthState Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the business. AlphaGrep UK Ltd purchased a new position in shares of SouthState Bank in the second quarter worth approximately $594,000. Concurrent Investment Advisors LLC grew its position in SouthState Bank by 24.4% during the second quarter. Concurrent Investment Advisors LLC now owns 14,658 shares of the company’s stock valued at $1,464,000 after buying an additional 2,875 shares during the period. Nykredit A S purchased a new stake in SouthState Bank during the second quarter valued at approximately $340,000. BTG Pactual Asset Management US LLC purchased a new stake in SouthState Bank during the second quarter valued at approximately $483,000. Finally, Two Sigma Securities LLC bought a new position in SouthState Bank in the second quarter worth approximately $412,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Bank Stock Up 1.0%

Shares of SouthState Bank stock opened at $106.86 on Thursday. The company has a 50-day simple moving average of $103.35 and a two-hundred day simple moving average of $99.05. The stock has a market capitalization of $10.36 billion, a PE ratio of 11.24 and a beta of 0.71. SouthState Bank has a 52-week low of $84.47 and a 52-week high of $112.20. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The firm had revenue of $672.67 million for the quarter, compared to analysts’ expectations of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same quarter in the prior year, the company posted $2.30 earnings per share. On average, analysts anticipate that SouthState Bank will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were paid a $0.66 dividend. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, August 7th. SouthState Bank’s dividend payout ratio (DPR) is presently 27.76%.

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.