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

SouthState Bank Corporation (NYSE:SSB) has been assigned an average rating of “Buy” from the fourteen ratings firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $118.2308.

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of SouthState Bank from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday, May 21st. Hovde Group raised their price target on shares of SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Truist Financial cut their price target on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a report on Monday, April 27th. TD Cowen cut their price target on shares of SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Finally, Barclays cut their price target on shares of SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a report on Monday, April 27th.

SouthState Bank Trading Down 0.1%

Shares of SSB stock opened at $99.90 on Wednesday. The firm has a market cap of $9.76 billion, a P/E ratio of 10.78 and a beta of 0.70. SouthState Bank has a 1-year low of $84.47 and a 1-year high of $108.46. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. The firm’s 50-day simple moving average is $96.21 and its 200-day simple moving average is $97.09.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.07. The business had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period in the prior year, the firm posted $0.87 EPS. As a group, equities analysts forecast that SouthState Bank will post 9.5 EPS for the current year.

SouthState Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were issued a $0.60 dividend. The ex-dividend date was Friday, May 8th. This represents a $2.40 annualized dividend and a yield of 2.4%. SouthState Bank’s dividend payout ratio (DPR) is presently 25.89%.

Insider Buying and Selling

In related news, Director David R. Brooks sold 14,300 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the transaction, the director owned 12,700 shares in the company, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SSB. Jane Street Group LLC raised its holdings in SouthState Bank by 4.6% in the first 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 during the period. M&T Bank Corp purchased a new stake in shares of SouthState Bank during the second quarter valued at approximately $245,000. Arrowstreet Capital Limited Partnership raised its stake in shares of SouthState Bank by 1,801.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company’s stock valued at $5,825,000 after purchasing an additional 59,962 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of SouthState Bank by 31.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock valued at $176,000 after purchasing an additional 452 shares during the period. Finally, Jump Financial LLC purchased a new stake in shares of SouthState Bank during the second quarter valued at approximately $919,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

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.