SouthState Bank (NYSE:SSB) Price Target Raised to $119.00

SouthState Bank (NYSE:SSB) had its target price upped by Stephens from $116.00 to $119.00 in a report published on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of SouthState Bank from a “hold” rating to a “sell” rating in a report on Saturday, October 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of SouthState Bank in a research note on Monday, October 12th. TD Cowen decreased their price objective on shares of SouthState Bank from $120.00 to $116.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Piper Sandler upped their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Finally, UBS Group lowered shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price on the stock. in a research report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $119.00.

SouthState Bank Trading Down 0.8%

NYSE:SSB opened at $104.81 on Monday. The stock has a fifty day moving average price of $103.67 and a two-hundred day moving average price of $100.16. The stock has a market capitalization of $10.16 billion, a price-to-earnings ratio of 11.16 and a beta of 0.72. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.95 and a current ratio of 0.95. SouthState Bank has a 1 year low of $84.47 and a 1 year high of $112.20.

SouthState Bank (NYSE:SSB) last released its earnings results on Wednesday, October 21st. The company reported $2.30 EPS for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.10). The business had revenue of $685.43 million during the quarter, compared to analyst estimates of $691.13 million. SouthState Bank had a net margin of 24.63% and a return on equity of 10.23%. During the same period last year, the business posted $2.58 EPS. As a group, sell-side analysts anticipate that SouthState Bank will post 9.42 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, November 6th will be issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, November 6th. SouthState Bank’s dividend payout ratio (DPR) is 28.12%.

Insider Transactions at SouthState Bank

In other SouthState Bank news, CFO William E. V. Matthews sold 4,000 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total value of $435,720.00. Following the sale, the chief financial officer owned 40,568 shares of the company’s stock, 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 accessible through the SEC website. Also, Director David Brooks sold 24,650 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were 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 directly owned 7,900 shares in the company, valued at $869,000. This trade represents a 75.73% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 34,831 shares of company stock valued at $3,814,274. 1.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SSB. Cibc World Market Inc. acquired a new stake in SouthState Bank during the 2nd quarter valued at $1,823,000. Y Intercept Hong Kong Ltd purchased a new position in SouthState Bank during the first quarter worth $4,898,000. State Street Corp raised its holdings in shares of SouthState Bank by 3.3% in the second quarter. State Street Corp now owns 3,858,127 shares of the company’s stock worth $385,427,000 after acquiring an additional 123,549 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of SouthState Bank in the second quarter worth $3,099,000. Finally, Hsbc Holdings PLC acquired a new position in shares of SouthState Bank in the second quarter worth $3,039,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Company Profile

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.