Hovde Group Boosts SouthState (NASDAQ:SSB) Price Target to $112.00

SouthState (NASDAQ:SSB) had its price objective lifted by Hovde Group from $97.00 to $112.00 in a report published on Monday morning, MarketBeat Ratings reports. Hovde Group currently has an outperform rating on the bank’s stock.

Several other research analysts have also recently issued reports on the stock. Piper Sandler raised their target price on shares of SouthState from $95.00 to $98.00 and gave the stock an overweight rating in a report on Wednesday, May 29th. Raymond James upgraded shares of SouthState from a market perform rating to an outperform rating and set a $90.00 price objective on the stock in a research report on Tuesday, May 21st. Keefe, Bruyette & Woods lifted their price objective on SouthState from $92.00 to $95.00 and gave the stock an outperform rating in a research report on Tuesday, May 28th. Stephens upped their target price on SouthState from $88.00 to $101.00 and gave the company an equal weight rating in a report on Monday. Finally, Truist Financial reduced their price objective on shares of SouthState from $84.00 to $81.00 and set a hold rating on the stock in a research report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $102.75.

SouthState Price Performance

Shares of SouthState stock opened at $94.54 on Monday. The stock has a market capitalization of $7.20 billion, a price-to-earnings ratio of 15.42 and a beta of 0.68. The company has a fifty day moving average of $80.06 and a 200-day moving average of $80.81. SouthState has a 52-week low of $63.36 and a 52-week high of $101.32. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.91.

SouthState (NASDAQ:SSB) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.25. The business had revenue of $425.48 million during the quarter, compared to analyst estimates of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The company’s revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.63 earnings per share. Equities research analysts expect that SouthState will post 6.64 EPS for the current year.

SouthState Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Friday, August 9th will be given a $0.54 dividend. The ex-dividend date of this dividend is Friday, August 9th. This is an increase from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.28%. SouthState’s dividend payout ratio is currently 33.93%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. TIAA Trust National Association increased its stake in shares of SouthState by 9.5% during the second quarter. TIAA Trust National Association now owns 6,779 shares of the bank’s stock valued at $518,000 after purchasing an additional 590 shares in the last quarter. Rhumbline Advisers grew its stake in shares of SouthState by 0.9% in the 2nd quarter. Rhumbline Advisers now owns 264,958 shares of the bank’s stock worth $20,248,000 after buying an additional 2,432 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of SouthState by 16.5% in the 2nd quarter. Van ECK Associates Corp now owns 31,175 shares of the bank’s stock worth $2,382,000 after buying an additional 4,418 shares during the last quarter. Hantz Financial Services Inc. bought a new position in SouthState during the 2nd quarter valued at approximately $3,107,000. Finally, Heritage Family Offices LLP purchased a new position in SouthState during the second quarter valued at $205,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.