SouthState Bank (NYSE:SSB) Price Target Raised to $125.00 at DA Davidson

SouthState Bank (NYSE:SSB) had its price target lifted by DA Davidson from $119.00 to $125.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also weighed in on SSB. JPMorgan Chase & Co. began coverage on shares of SouthState Bank in a research note on Friday, December 12th. They set an “overweight” rating and a $115.00 price objective on the stock. Stephens boosted their price target on shares of SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Monday, January 26th. UBS Group dropped their price objective on SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Weiss Ratings raised SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. Finally, TD Cowen raised their price target on SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $118.71.

SouthState Bank Stock Up 0.2%

SSB stock opened at $106.49 on Thursday. SouthState Bank has a twelve month low of $77.74 and a twelve month high of $108.18. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a market cap of $10.70 billion, a P/E ratio of 13.55 and a beta of 0.74. The company has a fifty day moving average of $97.03.

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

SouthState Bank Announces Dividend

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

Institutional Trading of SouthState Bank

A number of hedge funds and other institutional investors have recently modified their holdings of SSB. Jane Street Group LLC raised its holdings in SouthState Bank by 4.6% during the first quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock worth $7,703,000 after acquiring an additional 3,678 shares in the last quarter. KLP Kapitalforvaltning AS raised its position in SouthState Bank by 7.7% during the second quarter. KLP Kapitalforvaltning AS now owns 21,015 shares of the company’s stock worth $1,934,000 after acquiring an additional 1,500 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in SouthState Bank by 0.7% in the second quarter. Louisiana State Employees Retirement System now owns 27,700 shares of the company’s stock valued at $2,549,000 after acquiring an additional 200 shares during the last quarter. Maryland State Retirement & Pension System bought a new stake in shares of SouthState Bank in the 2nd quarter valued at about $449,000. Finally, Blair William & Co. IL acquired a new stake in SouthState Bank in the 2nd quarter valued at about $252,000. Institutional investors and hedge funds 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.