Shares of SouthState Co. (NASDAQ:SSB – Get Free Report) have been assigned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the stock, MarketBeat reports. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $109.78.
Several research analysts have recently issued reports on SSB shares. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Truist Financial lowered their target price on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Citigroup initiated coverage on shares of SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective on the stock. UBS Group assumed coverage on shares of SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price for the company. Finally, Piper Sandler lifted their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th.
SouthState Trading Down 1.1 %
SouthState (NASDAQ:SSB – Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. During the same quarter in the previous year, the company posted $1.62 earnings per share. The business’s revenue for the quarter was down .4% compared to the same quarter last year. On average, equities analysts forecast that SouthState will post 6.94 earnings per share for the current year.
SouthState Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 2.17%. SouthState’s dividend payout ratio (DPR) is presently 33.33%.
Hedge Funds Weigh In On SouthState
Large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in shares of SouthState by 12.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock valued at $254,394,000 after acquiring an additional 371,987 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in SouthState by 1.6% during the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock valued at $214,157,000 after purchasing an additional 45,176 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of SouthState by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank’s stock valued at $176,931,000 after purchasing an additional 31,340 shares during the period. American Century Companies Inc. raised its holdings in shares of SouthState by 2.4% in the 2nd quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock worth $128,831,000 after buying an additional 39,492 shares in the last quarter. Finally, Earnest Partners LLC lifted its position in shares of SouthState by 2.8% during the 2nd quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank’s stock worth $114,197,000 after buying an additional 40,879 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.
About SouthState
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 offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.
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