SouthState Bank (NYSE:SSB) Price Target Cut to $116.00 by Analysts at Citigroup

SouthState Bank (NYSE:SSB) had its target price reduced by Citigroup from $117.00 to $116.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

SSB has been the topic of several other research reports. Wall Street Zen raised SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, July 27th. TD Cowen reduced their price objective on SouthState Bank from $127.00 to $120.00 and set a “buy” rating on the stock in a report on Monday. Cowen assumed coverage on SouthState Bank in a report on Wednesday, September 24th. They set a “buy” rating on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of SouthState Bank in a report on Wednesday, October 8th. Finally, Piper Sandler cut their price target on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $115.85.

SouthState Bank Stock Performance

NYSE:SSB opened at $90.47 on Monday. The stock’s fifty day moving average price is $98.83. SouthState Bank has a 52-week low of $77.74 and a 52-week high of $114.26. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a market cap of $9.16 billion, a P/E ratio of 12.44 and a beta of 0.68.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.38. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.The firm had revenue of $698.78 million for the quarter, compared to the consensus estimate of $660.41 million. During the same quarter in the prior year, the business earned $1.90 EPS.

SouthState Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, November 7th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, November 7th. SouthState Bank’s payout ratio is 33.01%.

Insider Activity at SouthState Bank

In related news, Director G Stacy Smith purchased 2,500 shares of SouthState Bank stock in a transaction dated Friday, August 1st. The stock was bought at an average price of $92.30 per share, for a total transaction of $230,750.00. Following the completion of the acquisition, the director directly owned 39,546 shares of the company’s stock, valued at $3,650,095.80. This represents a 6.75% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Janet P. Froetscher acquired 3,338 shares of the stock in a transaction dated Wednesday, July 30th. The shares were bought at an average cost of $97.31 per share, with a total value of $324,820.78. Following the transaction, the director directly owned 8,294 shares of the company’s stock, valued at $807,089.14. This represents a 67.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 8,338 shares of company stock worth $786,321. 1.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On SouthState Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rise Advisors LLC acquired a new stake in shares of SouthState Bank in the 1st quarter valued at about $33,000. Mather Group LLC. bought a new position in shares of SouthState Bank during the third quarter worth about $33,000. Steward Partners Investment Advisory LLC acquired a new stake in SouthState Bank in the 2nd quarter valued at approximately $34,000. Global Retirement Partners LLC raised its position in SouthState Bank by 106.8% in the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock valued at $36,000 after buying an additional 188 shares during the last quarter. Finally, True Wealth Design LLC lifted its stake in SouthState Bank by 37,700.0% in the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company’s stock valued at $37,000 after acquiring an additional 377 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

About SouthState Bank

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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.