SouthState Bank (NYSE:SSB) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of SouthState Bank (NYSE:SSB) from a hold rating to a sell rating in a report published on Saturday.

Several other brokerages have also weighed in on SSB. Citigroup lowered their price objective on SouthState Bank from $116.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, June 25th. Fundamental Research set a $120.00 target price on SouthState Bank in a report on Wednesday, July 1st. JPMorgan Chase & Co. lifted their target price on SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Barclays lowered their price target on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a report on Tuesday, July 7th. Finally, DA Davidson reissued a “buy” rating and set a $125.00 price target on shares of SouthState Bank in a research report on Wednesday, June 10th. One research 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, SouthState Bank presently has a consensus rating of “Moderate Buy” and a consensus target price of $117.71.

SouthState Bank Trading Down 0.7%

NYSE SSB opened at $105.21 on Friday. The company has a market capitalization of $10.28 billion, a price-to-earnings ratio of 11.06 and a beta of 0.70. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.93 and a quick ratio of 0.93. SouthState Bank has a 12 month low of $84.47 and a 12 month high of $108.46. The company’s fifty day moving average price is $98.22 and its two-hundred day moving average price is $97.83.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04. The company had revenue of $672.67 million during the quarter, compared to the consensus estimate 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 previous year, the firm earned $2.30 EPS. As a group, research analysts predict that SouthState Bank will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, August 7th will be given a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 2.5%. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date is Friday, August 7th. SouthState Bank’s dividend payout ratio (DPR) is presently 25.24%.

Institutional Investors Weigh In On SouthState Bank

A number of institutional investors and hedge funds have recently modified their holdings of SSB. Root Financial Partners LLC boosted its position in shares of SouthState Bank by 100.0% in the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after purchasing an additional 210 shares during the period. FNY Investment Advisers LLC purchased a new stake in SouthState Bank during the second quarter valued at about $50,000. Measured Wealth Private Client Group LLC purchased a new stake in SouthState Bank during the third quarter valued at about $51,000. GHP Investment Advisors Inc. acquired a new position in shares of SouthState Bank in the first quarter worth about $52,000. Finally, Danske Bank A S acquired a new position in shares of SouthState Bank in the third quarter worth about $59,000. 89.76% of the stock is 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.