SouthState Co. (NASDAQ:SSB) Given Consensus Rating of “Buy” by Analysts

Shares of SouthState Co. (NASDAQ:SSB) have received an average recommendation of “Buy” from the eleven brokerages that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $116.27.

Several equities analysts have recently weighed in on the stock. Raymond James Financial set a $110.00 price objective on shares of SouthState in a research report on Monday, April 28th. Jefferies Financial Group assumed coverage on shares of SouthState in a research report on Wednesday, May 21st. They set a “buy” rating and a $110.00 price objective for the company. Barclays reduced their price objective on shares of SouthState from $120.00 to $115.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods reduced their price objective on shares of SouthState from $130.00 to $120.00 and set an “outperform” rating for the company in a research report on Tuesday, May 6th. Finally, Truist Financial assumed coverage on shares of SouthState in a research report on Tuesday, May 13th. They set a “buy” rating and a $106.00 price objective for the company.

SouthState Stock Performance

Shares of SSB opened at $85.99 on Friday. The firm has a 50-day moving average price of $87.96 and a 200 day moving average price of $94.71. The firm has a market capitalization of $8.73 billion, a PE ratio of 12.36 and a beta of 0.77. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState has a 52-week low of $72.10 and a 52-week high of $114.27.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date was Friday, May 9th. SouthState’s dividend payout ratio is presently 34.12%.

Institutional Trading of SouthState

Hedge funds have recently made changes to their positions in the stock. Quadrant Capital Group LLC raised its position in SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock valued at $51,000 after acquiring an additional 99 shares in the last quarter. Commonwealth Equity Services LLC raised its position in SouthState by 1.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank’s stock valued at $949,000 after acquiring an additional 112 shares in the last quarter. Bragg Financial Advisors Inc raised its position in SouthState by 4.3% during the fourth quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank’s stock valued at $276,000 after acquiring an additional 115 shares in the last quarter. IFP Advisors Inc raised its position in SouthState by 14.2% during the first quarter. IFP Advisors Inc now owns 943 shares of the bank’s stock valued at $87,000 after acquiring an additional 117 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in SouthState by 5.2% during the first quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the bank’s stock valued at $220,000 after acquiring an additional 118 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.