Brokerages Set SouthState Bank Corporation (NYSE:SSB) Target Price at $117.50

SouthState Bank Corporation (NYSE:SSB) has received an average rating of “Moderate Buy” from the fourteen brokerages that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, eleven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $119.6429.

SSB has been the subject of a number of recent analyst reports. Weiss Ratings upgraded shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. upped their price objective on SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. UBS Group lowered SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price objective for the company. in a research report on Tuesday, July 7th. Truist Financial raised their target price on SouthState Bank from $108.00 to $118.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Finally, Hovde Group lifted their target price on SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, April 27th.

SouthState Bank Trading Down 0.1%

Shares of SSB opened at $105.19 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.11. SouthState Bank has a 12-month low of $84.47 and a 12-month high of $108.46. The firm has a 50-day moving average price of $99.18 and a 200 day moving average price of $98.05. The firm has a market capitalization of $10.27 billion, a P/E ratio of 11.06 and a beta of 0.70.

SouthState Bank (NYSE:SSB) last released its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The firm had revenue of $672.67 million during the quarter, compared to analysts’ expectations of $676.83 million. During the same period last year, the business earned $2.30 earnings per share. Sell-side analysts forecast that SouthState Bank will post 9.51 EPS for the current year.

SouthState Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be given a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s dividend payout ratio is 27.76%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SSB. Vanguard Group Inc. increased its position in shares of SouthState Bank by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock valued at $1,029,315,000 after acquiring an additional 161,928 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of SouthState Bank by 4.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,934,851 shares of the company’s stock worth $456,554,000 after acquiring an additional 205,355 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of SouthState Bank by 4.8% during the 4th quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock worth $175,653,000 after purchasing an additional 85,981 shares during the period. Invesco Ltd. boosted its position in shares of SouthState Bank by 3.6% during the 4th quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock worth $155,068,000 after purchasing an additional 56,693 shares during the period. Finally, Franklin Resources Inc. increased its holdings in SouthState Bank by 1.0% in the 4th quarter. Franklin Resources Inc. now owns 1,623,728 shares of the company’s stock valued at $152,809,000 after purchasing an additional 15,787 shares during the last quarter. Institutional investors and hedge funds 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.