SouthState Bank Corporation (NYSE:SSB) Given Average Rating of “Buy” by Analysts

Shares of SouthState Bank Corporation (NYSE:SSB) have received a consensus rating of “Buy” from the fifteen ratings firms that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $117.2143.

Several research analysts have weighed in on SSB shares. Citigroup increased their price target on shares of SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a report on Monday, January 26th. Stephens increased their target price on SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. TD Cowen boosted their price target on SouthState Bank from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, January 26th. UBS Group lowered their price objective on SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Finally, DA Davidson boosted their target price on shares of SouthState Bank from $112.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, January 26th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mather Group LLC. acquired a new position in shares of SouthState Bank in the 3rd quarter worth approximately $33,000. Steward Partners Investment Advisory LLC bought a new position in SouthState Bank during the second quarter worth $34,000. Global Retirement Partners LLC raised its stake in SouthState Bank by 106.8% during the third quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after buying an additional 188 shares during the last quarter. True Wealth Design LLC lifted its holdings in SouthState Bank by 37,700.0% in the third quarter. True Wealth Design LLC now owns 378 shares of the company’s stock valued at $37,000 after buying an additional 377 shares during the period. Finally, TFC Financial Management Inc. boosted its position in SouthState Bank by 49,800.0% during the second quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock valued at $46,000 after acquiring an additional 498 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Bank Price Performance

Shares of SouthState Bank stock opened at $102.33 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. The firm’s fifty day simple moving average is $95.78. SouthState Bank has a 1 year low of $77.74 and a 1 year high of $108.18. The firm has a market cap of $10.29 billion, a P/E ratio of 13.02 and a beta of 0.74.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.17. The company had revenue of $686.87 million for the quarter, compared to analyst estimates of $667.88 million. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. During the same period in the prior year, the firm earned $1.93 earnings per share.

SouthState Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, February 6th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a yield of 2.3%. SouthState Bank’s payout ratio is currently 30.53%.

SouthState Bank Company Profile

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.