SouthState Bank Corporation (NYSE:SSB) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of SouthState Bank Corporation (NYSE:SSB) have earned a consensus rating of “Moderate Buy” from the fifteen brokerages that are covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $115.3077.

A number of equities research analysts recently weighed in on the stock. Hovde Group boosted their price objective on shares of SouthState Bank from $97.00 to $105.00 and gave the company a “market perform” rating in a research report on Friday, July 25th. Weiss Ratings downgraded SouthState Bank from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday. National Bankshares set a $127.00 price target on SouthState Bank in a research report on Wednesday, September 24th. TD Cowen reduced their price objective on SouthState Bank from $127.00 to $120.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Finally, DA Davidson lowered their price objective on SouthState Bank from $117.00 to $112.00 and set a “buy” rating for the company in a research note on Friday, October 24th.

SouthState Bank Trading Down 3.9%

Shares of NYSE SSB opened at $85.37 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. The company has a market cap of $8.58 billion, a P/E ratio of 11.74 and a beta of 0.77. SouthState Bank has a twelve month low of $77.74 and a twelve month high of $114.26. The firm has a 50 day moving average price of $95.15.

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

SouthState Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 7th were given a dividend of $0.60 per share. The ex-dividend date was Friday, November 7th. This represents a $2.40 annualized dividend and a dividend yield of 2.8%. SouthState Bank’s dividend payout ratio is currently 33.01%.

Insiders Place Their Bets

In related news, insider Daniel E. Bockhorst sold 5,000 shares of SouthState Bank stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $99.60, for a total value of $498,000.00. Following the sale, the insider directly owned 31,785 shares in the company, valued at $3,165,786. This trade represents a 13.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SouthState Bank

A number of hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC increased its position in SouthState Bank by 14.6% in the 3rd quarter. NewEdge Advisors LLC now owns 4,845 shares of the company’s stock valued at $479,000 after acquiring an additional 619 shares during the period. Dark Forest Capital Management LP bought a new position in shares of SouthState Bank in the third quarter worth $1,657,000. Zurich Insurance Group Ltd FI acquired a new position in shares of SouthState Bank during the third quarter valued at $1,226,000. Verition Fund Management LLC raised its stake in shares of SouthState Bank by 426.9% during the third quarter. Verition Fund Management LLC now owns 380,598 shares of the company’s stock valued at $37,630,000 after purchasing an additional 308,362 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of SouthState Bank by 0.9% during the third quarter. Public Employees Retirement System of Ohio now owns 47,110 shares of the company’s stock valued at $4,658,000 after purchasing an additional 405 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

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.