SouthState Bank (NYSE:SSB) Price Target Lowered to $122.00 at Barclays

SouthState Bank (NYSE:SSB) had its price target decreased by Barclays from $125.00 to $122.00 in a research note released on Friday,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other equities analysts have also weighed in on SSB. Stephens cut their price objective on shares of SouthState Bank from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. UBS Group cut their price target on SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Weiss Ratings restated a “hold (c+)” rating on shares of SouthState Bank in a report on Monday. Piper Sandler lowered their price objective on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Finally, National Bankshares set a $127.00 target price on SouthState Bank in a research report on Wednesday, September 24th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $115.07.

SouthState Bank Stock Down 0.2%

Shares of NYSE:SSB opened at $97.17 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $9.77 billion, a P/E ratio of 13.37 and a beta of 0.76. SouthState Bank has a 52-week low of $77.74 and a 52-week high of $109.64. The firm has a fifty day moving average of $91.17.

SouthState Bank (NYSE:SSB) last announced its earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.38. The firm had revenue of $698.78 million during the quarter, compared to the consensus estimate of $660.41 million. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. During the same quarter in the previous year, the company posted $1.90 EPS.

SouthState Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Friday, November 7th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, November 7th. SouthState Bank’s dividend payout ratio (DPR) is 33.01%.

Institutional Investors Weigh In On SouthState Bank

Institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP increased its stake in SouthState Bank by 44.8% during the third quarter. Allworth Financial LP now owns 1,917 shares of the company’s stock worth $190,000 after acquiring an additional 593 shares during the last quarter. IFP Advisors Inc grew its holdings in shares of SouthState Bank by 81.1% during the 3rd quarter. IFP Advisors Inc now owns 1,748 shares of the company’s stock worth $173,000 after purchasing an additional 783 shares during the period. Swiss Life Asset Management Ltd increased its position in SouthState Bank by 77.0% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 4,637 shares of the company’s stock worth $458,000 after purchasing an additional 2,017 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new position in SouthState Bank in the third quarter valued at approximately $4,754,000. Finally, Caerus Investment Advisors LLC acquired a new position in SouthState Bank during the third quarter valued at approximately $412,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

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.