SouthState Bank (NYSE:SSB) Price Target Cut to $118.00 by Analysts at Piper Sandler

SouthState Bank (NYSE:SSB) had its price target reduced by Piper Sandler from $121.00 to $118.00 in a research note published on Monday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other research firms have also weighed in on SSB. Wall Street Zen raised SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, July 27th. DA Davidson reduced their target price on SouthState Bank from $117.00 to $112.00 and set a “buy” rating for the company in a report on Friday. National Bankshares set a $127.00 target price on SouthState Bank in a report on Wednesday, September 24th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of SouthState Bank in a report on Wednesday, October 8th. Finally, Hovde Group lifted their target price on SouthState Bank from $97.00 to $105.00 and gave the company a “market perform” rating in a report on Friday, July 25th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $115.85.

SouthState Bank Stock Performance

Shares of SSB opened at $90.47 on Monday. The business has a 50-day moving average price of $98.83. SouthState Bank has a fifty-two week low of $77.74 and a fifty-two week high of $114.26. The stock has a market cap of $9.16 billion, a price-to-earnings ratio of 12.44 and a beta of 0.68. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08.

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

SouthState Bank Announces Dividend

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

Insider Activity

In other SouthState Bank news, Director Janet P. Froetscher purchased 3,338 shares of the company’s stock in a transaction dated Wednesday, July 30th. The stock was purchased at an average price of $97.31 per share, for a total transaction of $324,820.78. Following the transaction, the director owned 8,294 shares in the company, valued at $807,089.14. The trade was a 67.35% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director G Stacy Smith purchased 2,500 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were acquired at an average price of $92.30 per share, with a total value of $230,750.00. Following the transaction, the director owned 39,546 shares in the company, valued at approximately $3,650,095.80. The trade was a 6.75% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 8,338 shares of company stock worth $786,321. 1.70% of the stock is currently owned by insiders.

Institutional Trading of SouthState Bank

A number of hedge funds have recently bought and sold shares of SSB. GAMMA Investing LLC lifted its position in SouthState Bank by 68.1% in the 1st quarter. GAMMA Investing LLC now owns 1,172 shares of the company’s stock worth $109,000 after buying an additional 475 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in SouthState Bank by 153.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,229 shares of the company’s stock worth $949,000 after buying an additional 6,196 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in SouthState Bank by 158.1% in the 1st quarter. Sequoia Financial Advisors LLC now owns 8,306 shares of the company’s stock worth $771,000 after buying an additional 5,088 shares during the last quarter. KBC Group NV lifted its position in SouthState Bank by 40.0% in the 1st quarter. KBC Group NV now owns 4,348 shares of the company’s stock worth $404,000 after buying an additional 1,242 shares during the last quarter. Finally, Amalgamated Bank lifted its position in SouthState Bank by 23.7% in the 1st quarter. Amalgamated Bank now owns 43,201 shares of the company’s stock worth $4,010,000 after buying an additional 8,269 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

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