SouthState Co. (NASDAQ:SSB) Receives Average Recommendation of “Buy” from Brokerages

Shares of SouthState Co. (NASDAQ:SSB) have received an average rating of “Buy” from the eleven research firms that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $116.45.

SSB has been the subject of several recent research reports. Keefe, Bruyette & Woods decreased their price target 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. Truist Financial initiated coverage on shares of SouthState in a research report on Tuesday, May 13th. They issued a “buy” rating and a $106.00 price target for the company. DA Davidson decreased their price target on shares of SouthState from $125.00 to $115.00 and set a “buy” rating for the company in a research report on Monday, April 28th. Barclays raised their price target on shares of SouthState from $115.00 to $117.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Finally, Jefferies Financial Group started coverage on shares of SouthState in a research report on Wednesday, May 21st. They issued a “buy” rating and a $110.00 price target for the company.

SouthState Stock Performance

SouthState stock opened at $94.45 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market cap of $9.59 billion, a price-to-earnings ratio of 13.57 and a beta of 0.77. The firm has a 50 day simple moving average of $90.60 and a 200-day simple moving average of $93.35. SouthState has a 1-year low of $77.74 and a 1-year high of $114.27.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were paid a dividend of $0.54 per share. The ex-dividend date was Friday, May 9th. This represents a $2.16 annualized dividend and a yield of 2.29%. SouthState’s dividend payout ratio is currently 34.12%.

Institutional Trading of SouthState

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of SouthState by 31.2% during the 1st quarter. Vanguard Group Inc. now owns 11,079,578 shares of the bank’s stock worth $1,028,406,000 after buying an additional 2,637,786 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of SouthState by 34.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the bank’s stock worth $422,915,000 after buying an additional 1,164,348 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of SouthState by 0.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,479,298 shares of the bank’s stock worth $322,949,000 after buying an additional 11,728 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of SouthState by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank’s stock worth $192,531,000 after buying an additional 93,312 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in shares of SouthState by 14.4% during the 1st quarter. American Century Companies Inc. now owns 1,769,537 shares of the bank’s stock worth $164,249,000 after buying an additional 222,818 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

About SouthState

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.