Brokerages Set SouthState Bank Corporation (NYSE:SSB) PT at $119.64

Shares of SouthState Bank Corporation (NYSE:SSB) have been given a consensus recommendation of “Buy” by the thirteen research firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $119.6429.

A number of research analysts have issued reports on the company. Wall Street Zen cut SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. JPMorgan Chase & Co. increased their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. TD Cowen increased their target price on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Piper Sandler raised their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. Finally, Barclays decreased their price target on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th.

Insiders Place Their Bets

In related news, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the sale, the director owned 7,900 shares of the company’s stock, valued at $869,000. This trade represents a 75.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO William E. V. Matthews sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the sale, the chief financial officer owned 40,568 shares in the company, valued at $4,419,072.24. This represents a 8.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 34,831 shares of company stock worth $3,814,274. Insiders own 1.70% of the company’s stock.

Institutional Trading of SouthState Bank

A number of hedge funds have recently made changes to their positions in the company. Amundi grew its holdings in shares of SouthState Bank by 65.1% during the second quarter. Amundi now owns 13,474 shares of the company’s stock worth $1,346,000 after purchasing an additional 5,311 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of SouthState Bank in the second quarter valued at approximately $3,447,000. California State Teachers Retirement System raised its holdings in SouthState Bank by 9,480.6% in the 2nd quarter. California State Teachers Retirement System now owns 11,404,684 shares of the company’s stock valued at $1,139,328,000 after buying an additional 11,285,645 shares during the last quarter. Wedmont Private Capital raised its holdings in SouthState Bank by 6.5% in the 2nd quarter. Wedmont Private Capital now owns 3,040 shares of the company’s stock valued at $303,000 after buying an additional 185 shares during the last quarter. Finally, HB Wealth Management LLC boosted its position in SouthState Bank by 7.8% during the 2nd quarter. HB Wealth Management LLC now owns 19,445 shares of the company’s stock worth $1,943,000 after buying an additional 1,400 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Bank Stock Performance

Shares of SouthState Bank stock opened at $106.53 on Thursday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The company has a market cap of $10.33 billion, a PE ratio of 11.20 and a beta of 0.71. The company has a 50 day moving average of $103.92 and a 200-day moving average of $99.05. SouthState Bank has a 1-year low of $84.47 and a 1-year high of $112.20.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The business had revenue of $672.67 million during the quarter, compared to the consensus estimate of $676.83 million. During the same period in the previous year, the business earned $2.30 earnings per share. As a group, equities research analysts forecast that SouthState Bank will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were given a $0.66 dividend. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, August 7th. SouthState Bank’s dividend payout ratio (DPR) is 27.76%.

About SouthState Bank

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.