SouthState Bank (NYSE:SSB) Hits New 1-Year High Following Analyst Upgrade

SouthState Bank Corporation (NYSE:SSB) shares hit a new 52-week high during mid-day trading on Friday after DA Davidson raised their price target on the stock from $119.00 to $125.00. DA Davidson currently has a buy rating on the stock. SouthState Bank traded as high as $107.42 and last traded at $107.5090, with a volume of 17784 shares. The stock had previously closed at $106.56.

A number of other equities research analysts have also recently commented on the stock. Jefferies Financial Group lifted their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Citigroup upped their price target on SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Raymond James Financial increased their price objective on SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 7th. Weiss Ratings upgraded shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Finally, Piper Sandler reduced their target price on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, SouthState Bank presently has an average rating of “Buy” and a consensus price target of $118.71.

Institutional Trading of SouthState Bank

Several hedge funds and other institutional investors have recently made changes to their positions in SSB. Mather Group LLC. bought a new stake in SouthState Bank in the third quarter worth $33,000. Global Retirement Partners LLC boosted its stake in SouthState Bank by 106.8% in the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after purchasing an additional 188 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in SouthState Bank during the 2nd quarter valued at about $34,000. True Wealth Design LLC increased its stake in SouthState Bank by 37,700.0% during the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company’s stock valued at $37,000 after purchasing an additional 377 shares in the last quarter. Finally, Covestor Ltd raised its holdings in SouthState Bank by 385.1% in the third quarter. Covestor Ltd now owns 490 shares of the company’s stock worth $49,000 after buying an additional 389 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Bank Price Performance

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 stock has a market cap of $10.85 billion, a PE ratio of 13.73 and a beta of 0.74. The company has a 50 day moving average of $97.40.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.17. The firm had revenue of $686.87 million during 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 quarter last year, the business earned $1.93 EPS.

SouthState Bank Dividend Announcement

The firm also recently announced 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. This represents a $2.40 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, February 6th. SouthState Bank’s payout ratio is 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.