DA Davidson Issues Positive Forecast for SouthState (NASDAQ:SSB) Stock Price

SouthState (NASDAQ:SSB) had its target price increased by DA Davidson from $115.00 to $117.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Other equities analysts also recently issued reports about the company. Citigroup reissued a “buy” rating and set a $117.00 price objective (up from $113.00) on shares of SouthState in a research report on Monday. Raymond James Financial set a $110.00 price objective on shares of SouthState in a research report on Monday, April 28th. Hovde Group lifted their price objective on shares of SouthState from $97.00 to $105.00 and gave the stock a “market perform” rating in a research report on Friday. Jefferies Financial Group started coverage on SouthState in a report on Wednesday, May 21st. They issued a “buy” rating and a $110.00 target price on the stock. Finally, Stephens reiterated an “overweight” rating and issued a $119.00 price objective on shares of SouthState in a report on Monday, April 28th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, SouthState presently has a consensus rating of “Buy” and a consensus target price of $115.27.

SouthState Stock Performance

NASDAQ:SSB opened at $97.70 on Monday. SouthState has a 52 week low of $77.74 and a 52 week high of $114.26. The company has a fifty day simple moving average of $91.87 and a two-hundred day simple moving average of $93.35. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a market cap of $9.92 billion, a price-to-earnings ratio of 14.04 and a beta of 0.77.

SouthState (NASDAQ:SSB) last released its earnings results on Thursday, July 24th. The bank reported $2.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.32. SouthState had a return on equity of 9.62% and a net margin of 22.38%. The firm had revenue of $840.50 million during the quarter, compared to analyst estimates of $645.12 million. During the same period last year, the business posted $1.74 earnings per share. As a group, equities analysts anticipate that SouthState will post 8.12 earnings per share for the current fiscal year.

SouthState Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 8th will be issued a $0.60 dividend. This is an increase from SouthState’s previous quarterly dividend of $0.54. This represents a $2.40 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, August 8th. SouthState’s dividend payout ratio is presently 35.77%.

Hedge Funds Weigh In On SouthState

A number of hedge funds have recently modified their holdings of SSB. Quadrant Capital Group LLC lifted its position in SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock worth $51,000 after acquiring an additional 99 shares during the period. Blue Trust Inc. grew its position in SouthState by 12.4% in the 2nd quarter. Blue Trust Inc. now owns 991 shares of the bank’s stock valued at $91,000 after buying an additional 109 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in SouthState by 1.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank’s stock valued at $949,000 after buying an additional 112 shares during the period. Bragg Financial Advisors Inc raised its position in SouthState by 4.3% during the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank’s stock worth $276,000 after buying an additional 115 shares during the last quarter. Finally, IFP Advisors Inc increased its stake in shares of SouthState by 14.2% during the first quarter. IFP Advisors Inc now owns 943 shares of the bank’s stock worth $87,000 after acquiring an additional 117 shares during the period. 89.76% of the stock is currently 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.