SouthState Bank Corporation (NYSE:SSB) Receives $119.07 Consensus Target Price from Analysts

SouthState Bank Corporation (NYSE:SSB) has earned an average rating of “Buy” from the fifteen research firms that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $119.0714.

SSB has been the topic of several research reports. Raymond James Financial raised their price objective on shares of SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 7th. DA Davidson increased their target price on shares of SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. TD Cowen raised their price target on SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Hovde Group upgraded SouthState Bank from a “market perform” rating to an “outperform” rating and set a $110.00 price target on the stock in a research report on Thursday, March 19th. Finally, Barclays upped their price objective on SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research note on Monday, January 26th.

SouthState Bank Price Performance

Shares of NYSE SSB opened at $89.62 on Monday. The stock has a market cap of $8.79 billion, a P/E ratio of 11.40 and a beta of 0.73. SouthState Bank has a twelve month low of $77.74 and a twelve month high of $108.46. The stock has a 50 day moving average of $98.68 and a two-hundred day moving average of $96.00. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.03.

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

SouthState Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Friday, February 6th. SouthState Bank’s dividend payout ratio is 30.53%.

Hedge Funds Weigh In On SouthState Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of SSB. Mather Group LLC. acquired a new position in SouthState Bank in the 3rd quarter valued at $33,000. Global Retirement Partners LLC lifted its stake in shares of SouthState Bank by 106.8% in the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after acquiring an additional 188 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in shares of SouthState Bank in the second quarter valued at about $34,000. True Wealth Design LLC boosted its holdings 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 acquiring an additional 377 shares in the last quarter. Finally, Covestor Ltd increased its stake in shares of SouthState Bank by 385.1% during the third quarter. Covestor Ltd now owns 490 shares of the company’s stock worth $49,000 after acquiring an additional 389 shares during the period. 89.76% of the stock is currently 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.