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

Shares of SouthState Bank Corporation (NYSE:SSB) have earned an average rating of “Buy” from the fifteen research firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $119.0714.

SSB has been the subject of several research reports. Weiss Ratings upgraded shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Jefferies Financial Group lifted their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. Hovde Group upgraded shares of SouthState Bank from a “market perform” rating to an “outperform” rating and set a $110.00 price target on the stock in a research report on Thursday. Barclays raised their price objective on shares of SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Finally, Citigroup lifted their price objective on SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th.

SouthState Bank Price Performance

Shares of SSB stock opened at $89.49 on Monday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.93. SouthState Bank has a fifty-two week low of $77.74 and a fifty-two week high of $108.46. The firm has a market cap of $8.78 billion, a P/E ratio of 11.39 and a beta of 0.73. The business’s 50 day moving average price is $99.36 and its 200-day moving average price is $96.32.

SouthState Bank (NYSE:SSB) last announced its earnings results 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 company 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 earned $1.93 earnings per share.

SouthState Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Friday, February 6th. SouthState Bank’s dividend payout ratio (DPR) is presently 30.53%.

Institutional Investors Weigh In On SouthState Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SSB. Jane Street Group LLC boosted its holdings in shares of SouthState Bank by 4.6% during the 1st quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock valued at $7,703,000 after buying an additional 3,678 shares in the last quarter. Cetera Investment Advisers grew its position in shares of SouthState Bank by 3.5% in the 2nd quarter. Cetera Investment Advisers now owns 14,242 shares of the company’s stock worth $1,311,000 after buying an additional 486 shares during the period. Magnetar Financial LLC bought a new position in shares of SouthState Bank in the 2nd quarter worth about $3,086,000. Entropy Technologies LP lifted its position in SouthState Bank by 121.1% during the 2nd quarter. Entropy Technologies LP now owns 5,986 shares of the company’s stock valued at $551,000 after acquiring an additional 3,279 shares during the period. Finally, MAI Capital Management lifted its position in SouthState Bank by 1.3% during the 2nd quarter. MAI Capital Management now owns 16,260 shares of the company’s stock valued at $1,496,000 after acquiring an additional 216 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.