Brokerages Set SouthState Bank Corporation (NYSE:SSB) Price Target at $117.08

SouthState Bank Corporation (NYSE:SSB) has been given a consensus recommendation of “Buy” by the fourteen analysts that are presently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have assigned a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $117.0833.

A number of equities research analysts have weighed in on the stock. Hovde Group lifted their price target on shares of SouthState Bank from $97.00 to $105.00 and gave the stock a “market perform” rating in a research note on Friday, July 25th. DA Davidson decreased their price target on shares of SouthState Bank from $117.00 to $112.00 and set a “buy” rating on the stock in a research note on Friday. Weiss Ratings reiterated a “buy (b-)” rating on shares of SouthState Bank in a research note on Friday. TD Cowen assumed coverage on shares of SouthState Bank in a research note on Thursday, September 25th. They set a “buy” rating and a $127.00 price target on the stock. Finally, Barclays lifted their price target on shares of SouthState Bank from $117.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th.

SouthState Bank Trading Up 0.7%

SSB opened at $90.53 on Friday. The company’s 50 day moving average price is $98.94. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $9.16 billion, a PE ratio of 12.45 and a beta of 0.68. SouthState Bank has a 1 year low of $77.74 and a 1 year high of $114.26.

SouthState Bank (NYSE:SSB) last issued its earnings results on Wednesday, October 22nd. The company reported $2.58 EPS for the quarter, topping the consensus estimate of $2.20 by $0.38. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.The firm had revenue of $698.78 million during the quarter, compared to analysts’ expectations of $660.41 million. During the same period last year, the business earned $1.90 earnings per share.

SouthState Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, November 7th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Friday, November 7th. This represents a $2.40 annualized dividend and a dividend yield of 2.7%. SouthState Bank’s dividend payout ratio is presently 33.01%.

Insider Buying and Selling

In other news, Director G Stacy Smith bought 2,500 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average price of $92.30 per share, for a total transaction of $230,750.00. Following the transaction, the director directly owned 39,546 shares of the company’s stock, valued at $3,650,095.80. This trade represents a 6.75% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Janet P. Froetscher bought 3,338 shares of the company’s stock in a transaction that occurred on Wednesday, July 30th. The shares were purchased at an average price of $97.31 per share, with a total value of $324,820.78. Following the transaction, the director directly owned 8,294 shares in the company, valued at $807,089.14. This represents a 67.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 8,338 shares of company stock worth $786,321 in the last quarter. 1.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SouthState Bank

A number of hedge funds have recently made changes to their positions in SSB. Vanguard Group Inc. increased its position in shares of SouthState Bank by 31.2% during the 1st quarter. Vanguard Group Inc. now owns 11,079,578 shares of the company’s stock worth $1,028,406,000 after purchasing an additional 2,637,786 shares in the last quarter. Laurel Wealth Advisors LLC increased its position in shares of SouthState Bank by 9,074.2% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company’s stock worth $132,125,000 after purchasing an additional 1,420,019 shares in the last quarter. Norges Bank acquired a new stake in shares of SouthState Bank during the 2nd quarter worth about $109,029,000. Dimensional Fund Advisors LP lifted its position in SouthState Bank by 34.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the company’s stock worth $422,915,000 after buying an additional 1,164,348 shares in the last quarter. Finally, Qube Research & Technologies Ltd acquired a new position in SouthState Bank during the 2nd quarter worth about $81,769,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

About SouthState Bank

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.