SouthState Bank (NYSE:SSB) Rating Increased to Hold at UBS Group

UBS Group upgraded shares of SouthState Bank (NYSE:SSB) to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

Several other analysts also recently issued reports on SSB. Citigroup reduced their price objective on SouthState Bank from $116.00 to $115.00 and set a “buy” rating on the stock in a research report on Thursday, June 25th. TD Cowen dropped their price objective on SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Fundamental Research set a $120.00 target price on shares of SouthState Bank in a research note on Wednesday, July 1st. Weiss Ratings lowered shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. Finally, JPMorgan Chase & Co. raised their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $117.50.

SouthState Bank Trading Up 1.8%

Shares of SSB opened at $99.38 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank has a 1-year low of $84.47 and a 1-year high of $108.46. The stock has a market cap of $9.71 billion, a price-to-earnings ratio of 10.72 and a beta of 0.70. The firm has a 50 day simple moving average of $96.50 and a 200-day simple moving average of $97.25.

SouthState Bank (NYSE:SSB) last posted its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. The firm had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.28 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same quarter in the prior year, the company earned $0.87 EPS. Equities analysts forecast that SouthState Bank will post 9.51 EPS for the current fiscal year.

SouthState Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were issued a $0.60 dividend. The ex-dividend date was Friday, May 8th. This represents a $2.40 annualized dividend and a yield of 2.4%. SouthState Bank’s payout ratio is 25.89%.

Insider Activity at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the transaction, the director directly owned 12,700 shares in the company, valued at $1,249,553. This represents a 52.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SouthState Bank

A number of institutional investors have recently bought and sold shares of the stock. Nicholas Hoffman & Company LLC. raised its stake in SouthState Bank by 0.7% during the fourth quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock worth $1,555,000 after purchasing an additional 111 shares during the period. Cetera Investment Advisers increased its holdings in shares of SouthState Bank by 0.6% during the 1st quarter. Cetera Investment Advisers now owns 18,959 shares of the company’s stock worth $1,754,000 after buying an additional 116 shares during the last quarter. HB Wealth Management LLC increased its holdings in shares of SouthState Bank by 0.7% during the 1st quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock worth $1,670,000 after buying an additional 129 shares during the last quarter. MML Investors Services LLC raised its position in shares of SouthState Bank by 5.9% in the 4th quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock worth $222,000 after buying an additional 131 shares during the period. Finally, FourThought Financial Partners LLC boosted its holdings in SouthState Bank by 5.8% in the fourth quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock valued at $239,000 after acquiring an additional 139 shares during the last quarter. 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.