SouthState Bank Corporation (NYSE:SSB) Receives Consensus Rating of “Moderate Buy” from Analysts

SouthState Bank Corporation (NYSE:SSB) has been given a consensus rating of “Moderate Buy” by the sixteen research firms that are presently covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $115.0714.

Several equities analysts have recently weighed in on SSB shares. Barclays reduced their price objective on shares of SouthState Bank from $125.00 to $122.00 and set an “overweight” rating for the company in a research report on Friday, December 19th. National Bankshares set a $127.00 target price on shares of SouthState Bank in a research note on Wednesday, September 24th. Cowen began coverage on shares of SouthState Bank in a report on Wednesday, September 24th. They set a “buy” rating for the company. TD Cowen dropped their price target on SouthState Bank from $127.00 to $120.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Finally, Citigroup cut their price objective on SouthState Bank from $117.00 to $116.00 and set a “buy” rating for the company in a research report on Monday, October 27th.

SouthState Bank Stock Performance

Shares of SSB stock opened at $97.12 on Wednesday. SouthState Bank has a 1 year low of $77.74 and a 1 year high of $109.64. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04. The firm’s fifty day moving average price is $91.72. The firm has a market cap of $9.76 billion, a PE ratio of 13.36 and a beta of 0.74.

SouthState Bank (NYSE:SSB) last announced its earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.38. The business had revenue of $698.78 million during the quarter, compared to analysts’ expectations 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 last year, the business posted $1.90 earnings per share.

SouthState Bank Dividend Announcement

The business also recently announced 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 of this dividend was Friday, November 7th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank’s payout ratio is 33.01%.

Hedge Funds Weigh In On SouthState Bank

A number of institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. grew its position in SouthState Bank by 12.4% during the second quarter. Blue Trust Inc. now owns 991 shares of the company’s stock valued at $91,000 after purchasing an additional 109 shares in the last quarter. Sheets Smith Wealth Management boosted its stake in shares of SouthState Bank by 1.7% during the 3rd quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company’s stock valued at $638,000 after buying an additional 111 shares during the period. B. Riley Wealth Advisors Inc. grew its holdings in shares of SouthState Bank by 4.9% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock valued at $245,000 after acquiring an additional 115 shares in the last quarter. Nicholson Wealth Management Group LLC grew its holdings in shares of SouthState Bank by 1.8% during the 2nd quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock valued at $663,000 after acquiring an additional 125 shares in the last quarter. Finally, Fifth Third Bancorp increased its stake in shares of SouthState Bank by 14.0% in the second quarter. Fifth Third Bancorp now owns 1,090 shares of the company’s stock worth $100,000 after acquiring an additional 134 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Bank Company Profile

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.