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

SouthState Bank Corporation (NYSE:SSB) has been given an average recommendation of “Buy” by the fourteen ratings firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $118.6154.

Several equities analysts have recently issued reports on the company. Weiss Ratings lowered SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Hovde Group lifted their price target on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. JPMorgan Chase & Co. lifted their price target on SouthState Bank from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Thursday, May 21st. Barclays lowered their price target on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating for the company in a research report on Monday, April 27th. Finally, TD Cowen lowered their price target on SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research report on Monday, April 27th.

SouthState Bank Price Performance

SSB opened at $95.42 on Friday. The stock has a 50-day moving average price of $95.31 and a 200-day moving average price of $96.05. 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 has a market cap of $9.32 billion, a PE ratio of 10.29 and a beta of 0.70. SouthState Bank has a 1 year low of $84.47 and a 1 year high of $108.46.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.07. The firm had revenue of $661.70 million during the quarter, compared to analyst estimates of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same quarter in the previous year, the firm earned $0.87 EPS. Sell-side analysts predict that SouthState Bank will post 9.49 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s payout ratio is currently 25.89%.

Insider Activity

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the business’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the transaction, the director owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. The trade was a 52.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SouthState Bank

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Nicholas Hoffman & Company LLC. lifted its stake in SouthState Bank by 0.7% during the 4th quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock valued at $1,555,000 after acquiring an additional 111 shares during the period. Cetera Investment Advisers lifted its stake in SouthState Bank by 0.6% during the 1st quarter. Cetera Investment Advisers now owns 18,959 shares of the company’s stock valued at $1,754,000 after acquiring an additional 116 shares during the period. HB Wealth Management LLC lifted its stake in SouthState Bank by 0.7% during the 1st quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock valued at $1,670,000 after acquiring an additional 129 shares during the period. MML Investors Services LLC lifted its stake in SouthState Bank by 5.9% during the 4th quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock valued at $222,000 after acquiring an additional 131 shares during the period. Finally, FourThought Financial Partners LLC lifted its stake in SouthState Bank by 5.8% during the 4th quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock valued at $239,000 after acquiring an additional 139 shares during the period. Institutional investors 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.