SouthState Bank Corporation (NYSE:SSB) Receives $118.62 Consensus Target Price from Analysts

Shares of SouthState Bank Corporation (NYSE:SSB) have been given a consensus rating of “Buy” by the fourteen ratings firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $118.6154.

A number of analysts recently issued reports on the company. Barclays decreased their price objective on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. Weiss Ratings lowered SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. TD Cowen decreased their price objective on SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Truist Financial cut their price target on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a report on Monday, April 27th. Finally, DA Davidson reissued a “buy” rating and issued a $125.00 price target on shares of SouthState Bank in a report on Wednesday.

Insiders Place Their Bets

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value 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 Securities & Exchange Commission, which is available through this hyperlink. 1.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SSB. Nicholas Hoffman & Company LLC. lifted its position in SouthState Bank by 0.7% during 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 last quarter. Cetera Investment Advisers raised its position 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 valued at $1,754,000 after buying an additional 116 shares in the last quarter. HB Wealth Management LLC raised its position 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 valued at $1,670,000 after buying an additional 129 shares in the last quarter. MML Investors Services LLC lifted its holdings in shares of SouthState Bank by 5.9% during the 4th quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock worth $222,000 after acquiring an additional 131 shares during the last quarter. Finally, FourThought Financial Partners LLC lifted its holdings in shares of SouthState Bank by 5.8% during the 4th quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock worth $239,000 after acquiring an additional 139 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Bank Price Performance

NYSE SSB opened at $98.75 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. SouthState Bank has a 52 week low of $84.47 and a 52 week high of $108.46. The company has a market cap of $9.65 billion, a PE ratio of 10.65 and a beta of 0.70. The firm’s 50-day simple moving average is $95.81 and its two-hundred day simple moving average is $96.41.

SouthState Bank (NYSE:SSB) last released its quarterly earnings data 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. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The company had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.29 million. During the same period in the previous year, the company posted $0.87 EPS. Research analysts predict that SouthState Bank will post 9.49 earnings per share for the current year.

SouthState Bank Announces Dividend

The company 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. This represents a $2.40 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s dividend payout ratio (DPR) is presently 25.89%.

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.