SouthState Bank (NYSE:SSB) Price Target Raised to $125.00

SouthState Bank (NYSE:SSB) had its price target upped by DA Davidson from $119.00 to $125.00 in a report published on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts have also commented on the stock. Raymond James Financial raised their price objective on shares of SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research note on Wednesday, January 7th. Barclays raised their price target on shares of SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. TD Cowen boosted their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Citigroup increased their price objective on SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Finally, Weiss Ratings raised SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $118.71.

SouthState Bank Trading Up 1.3%

Shares of NYSE SSB opened at $107.93 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a market capitalization of $10.85 billion, a PE ratio of 13.73 and a beta of 0.74. SouthState Bank has a twelve month low of $77.74 and a twelve month high of $108.46. The company has a fifty day moving average price of $97.40.

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

SouthState Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, February 6th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, February 6th. SouthState Bank’s payout ratio is 30.53%.

Institutional Investors Weigh In On SouthState Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. raised its stake in SouthState Bank by 12.4% during the 2nd quarter. Blue Trust Inc. now owns 991 shares of the company’s stock worth $91,000 after acquiring an additional 109 shares in the last quarter. Sheets Smith Wealth Management grew its position in SouthState Bank by 1.7% during the 3rd quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company’s stock worth $638,000 after purchasing an additional 111 shares during the last quarter. Nicholas Hoffman & Company LLC. increased its stake in SouthState Bank by 0.7% in the fourth quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock valued at $1,555,000 after purchasing an additional 111 shares during the period. B. Riley Wealth Advisors Inc. raised its holdings in shares of SouthState Bank by 4.9% in the third quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock valued at $245,000 after buying an additional 115 shares during the last quarter. Finally, Nicholson Wealth Management Group LLC raised its holdings in shares of SouthState Bank by 1.8% in the second quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock valued at $663,000 after buying an additional 125 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

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.