SouthState Bank (NYSE:SSB) Price Target Raised to $118.00

SouthState Bank (NYSE:SSB) had its target price boosted by Truist Financial from $113.00 to $118.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

SSB has been the topic of a number of other research reports. Wall Street Zen lowered shares of SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, October 24th. Barclays raised their target price on shares of SouthState Bank from $118.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, October 5th. Stephens lifted their price target on shares of SouthState Bank from $116.00 to $119.00 and gave the company an “overweight” rating in a research report on Monday, October 26th. UBS Group cut SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target for the company. in a research note on Tuesday, July 7th. Finally, Fundamental Research set a $120.00 price target on SouthState Bank in a research report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $119.00.

SouthState Bank Trading Down 1.0%

Shares of NYSE:SSB opened at $105.04 on Wednesday. The company’s 50-day moving average price is $103.64 and its two-hundred day moving average price is $100.24. SouthState Bank has a one year low of $84.47 and a one year high of $112.20. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $10.19 billion, a PE ratio of 11.19 and a beta of 0.78.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Wednesday, October 21st. The company reported $2.30 EPS for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.10). SouthState Bank had a net margin of 24.63% and a return on equity of 10.23%. The firm had revenue of $685.43 million during the quarter, compared to the consensus estimate of $691.13 million. During the same period last year, the business earned $2.58 EPS. On average, equities analysts forecast that SouthState Bank will post 9.35 EPS for the current fiscal year.

SouthState Bank Announces Dividend

The company 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 $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Friday, November 6th. SouthState Bank’s dividend payout ratio is presently 28.12%.

Insider Activity at SouthState Bank

In other SouthState Bank news, Director David Brooks sold 24,650 shares of the business’s stock in a transaction that occurred on 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 sale, the director directly owned 7,900 shares of the company’s stock, valued at $869,000. The trade was a 75.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO William E. V. Matthews sold 4,000 shares of the company’s 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 completion of the transaction, the chief financial officer owned 40,568 shares of the company’s stock, valued at approximately $4,419,072.24. This trade represents a 8.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 34,831 shares of company stock valued at $3,814,274 in the last ninety days. 1.70% of the stock is currently owned by insiders.

Institutional Trading of SouthState Bank

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in SouthState Bank in the second quarter valued at approximately $28,000. Root Financial Partners LLC raised its holdings in SouthState Bank by 100.0% during the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after purchasing an additional 210 shares during the last quarter. Provenance Wealth Advisors LLC bought a new position in SouthState Bank during the 3rd quarter worth approximately $47,000. FNY Investment Advisers LLC bought a new position in SouthState Bank during the 2nd quarter worth approximately $50,000. Finally, Trust Co. of Vermont acquired a new position in shares of SouthState Bank in the 2nd quarter worth approximately $65,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

About SouthState Bank

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.