SouthState (NASDAQ:SSB) PT Raised to $110.00 at Keefe, Bruyette & Woods

SouthState (NASDAQ:SSB) had its target price increased by Keefe, Bruyette & Woods from $95.00 to $110.00 in a research note released on Monday morning, Benzinga reports. They currently have an outperform rating on the bank’s stock.

A number of other analysts also recently issued reports on the stock. 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 report on Tuesday, May 21st. Piper Sandler boosted 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. Hovde Group boosted their target price on shares of SouthState from $97.00 to $112.00 and gave the stock an outperform rating in a report on Monday. Stephens boosted their target price on shares of SouthState from $88.00 to $101.00 and gave the stock an equal weight rating in a report on Monday. Finally, DA Davidson boosted their target price on shares of SouthState from $102.00 to $112.00 and gave the stock a buy rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $102.75.

SouthState Stock Performance

Shares of SSB opened at $94.54 on Monday. 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 has a twelve month low of $63.36 and a twelve month high of $101.32. The firm has a market cap of $7.20 billion, a P/E ratio of 15.42 and a beta of 0.68. The firm’s 50 day moving average price is $80.06 and its two-hundred day moving average price is $80.81.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The company had revenue of $425.48 million for the quarter, compared to the consensus estimate of $418.08 million. During the same period last year, the company earned $1.63 earnings per share. The firm’s revenue was down 3.1% compared to the same quarter last year. On average, analysts forecast that SouthState will post 6.64 EPS for the current fiscal year.

SouthState Increases Dividend

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

Hedge Funds Weigh In On SouthState

Institutional investors and hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC increased its holdings in shares of SouthState by 544.0% in the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after purchasing an additional 272 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in shares of SouthState in the first quarter valued at about $30,000. TFO Wealth Partners LLC grew its stake in shares of SouthState by 13,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after acquiring an additional 402 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after acquiring an additional 333 shares in the last quarter. Finally, International Assets Investment Management LLC grew its stake in shares of SouthState by 8,346.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock valued at $107,000 after acquiring an additional 1,252 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Company Profile

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.