SouthState Bank (NYSE:SSB) Upgraded at Hovde Group

Hovde Group upgraded shares of SouthState Bank (NYSE:SSB) from a market perform rating to an outperform rating in a report released on Thursday morning, MarketBeat.com reports. The brokerage currently has $110.00 price target on the stock.

Several other brokerages have also recently issued reports on SSB. Barclays boosted their price objective on shares of SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. DA Davidson increased their target price on SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Raymond James Financial lifted their target price on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a report on Wednesday, January 7th. Weiss Ratings upgraded SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. Finally, Citigroup raised their price objective on SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $119.07.

SouthState Bank Price Performance

SSB opened at $89.49 on Thursday. The company’s 50 day simple moving average is $99.36 and its 200 day simple moving average is $96.35. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.93. SouthState Bank has a 1 year low of $77.74 and a 1 year high of $108.46. The stock has a market capitalization of $8.78 billion, a PE ratio of 11.39 and a beta of 0.73.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.17. The firm had revenue of $686.87 million during the quarter, compared to the consensus estimate of $667.88 million. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. During the same period in the previous year, the firm earned $1.93 earnings per share.

SouthState Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, February 6th. SouthState Bank’s dividend payout ratio (DPR) is currently 30.53%.

Institutional Trading of SouthState Bank

A number of institutional investors have recently added to or reduced their stakes in the business. Mather Group LLC. purchased a new position in SouthState Bank in the third quarter valued at about $33,000. Global Retirement Partners LLC boosted its position in shares of SouthState Bank by 106.8% in the third quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after buying an additional 188 shares during the period. Steward Partners Investment Advisory LLC acquired a new stake in shares of SouthState Bank in the second quarter valued at about $34,000. True Wealth Design LLC grew its stake in shares of SouthState Bank by 37,700.0% in the third quarter. True Wealth Design LLC now owns 378 shares of the company’s stock valued at $37,000 after buying an additional 377 shares in the last quarter. Finally, Covestor Ltd raised its holdings in shares of SouthState Bank by 385.1% during the 3rd quarter. Covestor Ltd now owns 490 shares of the company’s stock valued at $49,000 after buying an additional 389 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.