SouthState Bank Corporation (SSB) – What Are Brokerages Thinking About This Stock?

Shares of SouthState Bank Corporation (NYSE:SSB) have received an average rating of “Buy” from the thirteen research firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $119.62.

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. dropped their price target on shares of SouthState Bank from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, October 1st. TD Cowen decreased their price objective on shares of SouthState Bank from $120.00 to $116.00 and set a “buy” rating for the company in a report on Monday, October 5th. Truist Financial raised their target price on shares of SouthState Bank from $113.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, October 28th. Citigroup lowered their target price on shares of SouthState Bank from $126.00 to $124.00 and set a “buy” rating on the stock in a research note on Monday, October 26th. Finally, Piper Sandler lifted their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, July 27th.

SouthState Bank Stock Performance

Shares of NYSE SSB opened at $106.09 on Tuesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market cap of $10.26 billion, a price-to-earnings ratio of 11.30 and a beta of 0.77. The business’s 50-day simple moving average is $103.56 and its 200-day simple moving average is $100.47. SouthState Bank has a 52 week low of $84.47 and a 52 week high of $112.20.

SouthState Bank (NYSE:SSB) last posted its earnings results on Wednesday, October 21st. The company reported $2.30 earnings per share for the quarter, missing the consensus estimate of $2.40 by ($0.10). The company had revenue of $685.43 million during the quarter, compared to analyst estimates of $691.13 million. SouthState Bank had a return on equity of 10.23% and a net margin of 24.63%. During the same quarter last year, the firm posted $2.58 earnings per share. As a group, equities research analysts expect that SouthState Bank will post 9.35 earnings per share for the current fiscal year.

SouthState Bank Dividend Announcement

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

Insider Activity at SouthState Bank

In other news, CFO William E. V. Matthews sold 4,000 shares of SouthState Bank stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the transaction, the chief financial officer directly owned 40,568 shares in the company, valued at approximately $4,419,072.24. The trade was a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Cibc World Market Inc. acquired a new stake in shares of SouthState Bank in the 2nd quarter valued at $1,823,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of SouthState Bank during the 1st quarter worth about $4,898,000. State Street Corp lifted its holdings in SouthState Bank by 3.3% during the 2nd quarter. State Street Corp now owns 3,858,127 shares of the company’s stock valued at $385,427,000 after purchasing an additional 123,549 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in SouthState Bank during the second quarter worth about $3,099,000. Finally, Hsbc Holdings PLC bought a new stake in SouthState Bank during the second quarter worth about $3,039,000. 89.76% of the stock is owned by institutional investors.

SouthState Bank Company Profile

SouthState Bank is a regional bank and subsidiary of SouthState Corporation, a financial services company. It provides personal and business banking services, including deposit accounts, loans, mortgage lending, treasury management and wealth management.

The bank traces its history to 1934, when the First National Bank of Orangeburg opened in South Carolina. Its footprint is centered in the southeastern United States, with operations extending into Texas and Colorado following SouthState Corporation’s combination with Independent Bank Group.

SouthState serves individuals, businesses and institutions through branches, digital banking and other financial services.