SouthState Bank Corporation (NYSE:SSB) Raises Dividend to $0.66 Per Share

SouthState Bank Corporation (NYSE:SSB) announced a quarterly dividend on Wednesday, July 22nd. Investors of record on Friday, August 7th will be paid a dividend of 0.66 per share on Friday, August 14th. This represents a c) dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Friday, August 7th. This is a 10.0% increase from SouthState Bank’s previous quarterly dividend of $0.60.

SouthState Bank has increased its dividend by an average of 0.0%annually over the last three years and has raised its dividend annually for the last 13 consecutive years.

SouthState Bank Trading Down 1.0%

Shares of SSB opened at $101.17 on Friday. SouthState Bank has a 1-year low of $84.47 and a 1-year high of $108.46. The company has a market capitalization of $9.88 billion, a P/E ratio of 10.91 and a beta of 0.70. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. The firm’s 50 day simple moving average is $97.70 and its 200 day simple moving average is $97.70.

SouthState Bank (NYSE:SSB) last released its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $672.67 million during the quarter, compared to analysts’ expectations of $676.83 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same quarter in the previous year, the company earned $2.30 EPS. Sell-side analysts forecast that SouthState Bank will post 9.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SSB. Citigroup dropped their price objective on shares of SouthState Bank from $116.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, June 25th. JPMorgan Chase & Co. increased their target price on SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Fundamental Research set a $120.00 price target on SouthState Bank in a research report on Wednesday, July 1st. UBS Group lowered SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target for the company. in a research note on Tuesday, July 7th. Finally, Truist Financial cut their price objective on SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $117.50.

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.