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

SouthState Bank Corporation (NYSE:SSB) has earned a consensus recommendation of “Buy” from the fifteen brokerages that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $117.2143.

A number of research analysts recently issued reports on the company. Piper Sandler decreased their price objective on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a report on Monday, October 27th. Weiss Ratings upgraded shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Barclays boosted their price objective on shares of SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. TD Cowen lifted their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Finally, Citigroup increased their price objective on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, January 26th.

Hedge Funds Weigh In On SouthState Bank

Hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Trust Inc. lifted its stake in SouthState Bank by 12.4% in the second quarter. Blue Trust Inc. now owns 991 shares of the company’s stock valued at $91,000 after acquiring an additional 109 shares during the last quarter. Sheets Smith Wealth Management lifted its stake in SouthState Bank by 1.7% in the 3rd quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company’s stock valued at $638,000 after purchasing an additional 111 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in SouthState Bank by 4.9% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock valued at $245,000 after purchasing an additional 115 shares during the last quarter. Nicholson Wealth Management Group LLC grew its holdings in SouthState Bank by 1.8% during the second quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock worth $663,000 after purchasing an additional 125 shares during the period. Finally, Huntington National Bank increased its position in SouthState Bank by 23.9% during the second quarter. Huntington National Bank now owns 766 shares of the company’s stock worth $70,000 after buying an additional 148 shares during the last quarter. 89.76% of the stock is owned by institutional investors.

SouthState Bank Stock Down 0.4%

SouthState Bank stock opened at $102.33 on Friday. SouthState Bank has a twelve month low of $77.74 and a twelve month high of $108.18. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a 50 day moving average of $95.78. The firm has a market capitalization of $10.29 billion, a PE ratio of 13.02 and a beta of 0.74.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, beating the consensus estimate of $2.30 by $0.17. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. The business had revenue of $686.87 million for the quarter, compared to analysts’ expectations of $667.88 million. During the same period in the previous year, the firm posted $1.93 EPS.

SouthState Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, February 6th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a $2.40 annualized dividend and a dividend yield of 2.3%. SouthState Bank’s payout ratio is 30.53%.

About SouthState Bank

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.