Jefferies Financial Group Issues Positive Forecast for SouthState Bank (NYSE:SSB) Stock Price

SouthState Bank (NYSE:SSB) had its price objective increased by Jefferies Financial Group from $120.00 to $125.00 in a research note published on Monday,Benzinga reports. Jefferies Financial Group currently has a buy rating on the stock.

SSB has been the topic of a number of other reports. UBS Group reduced their price target on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Citigroup raised their target price on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Raymond James Financial lifted their price target on shares of SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research note on Wednesday, January 7th. Barclays increased their price objective on SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Finally, Stephens lifted their target price on SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Two 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’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $118.29.

SouthState Bank Stock Performance

SSB opened at $102.93 on Monday. 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 company’s 50 day simple moving average is $96.10. SouthState Bank has a one year low of $77.74 and a one year high of $108.18. The company has a market capitalization of $10.35 billion, a PE ratio of 13.10 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.17. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.The company had revenue of $686.87 million during the quarter, compared to analysts’ expectations of $667.88 million. During the same quarter in the previous year, the business earned $1.93 EPS.

SouthState Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, February 6th will be issued a $0.60 dividend. The ex-dividend date is Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.3%. SouthState Bank’s dividend payout ratio (DPR) is currently 30.53%.

Institutional Investors Weigh In On SouthState Bank

Hedge funds have recently made changes to their positions in the stock. Fort Washington Investment Advisors Inc. OH boosted its position in SouthState Bank by 52.6% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock worth $24,723,000 after purchasing an additional 86,234 shares in the last quarter. CWM LLC grew its stake in SouthState Bank by 689.1% in the 3rd quarter. CWM LLC now owns 91,288 shares of the company’s stock valued at $9,026,000 after acquiring an additional 79,719 shares during the period. HBK Sorce Advisory LLC grew its stake in SouthState Bank by 100.1% in the 3rd quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company’s stock valued at $3,192,000 after acquiring an additional 16,482 shares during the period. Signaturefd LLC increased its holdings in SouthState Bank by 101.0% in the 3rd quarter. Signaturefd LLC now owns 25,068 shares of the company’s stock worth $2,478,000 after acquiring an additional 12,597 shares in the last quarter. Finally, Merit Financial Group LLC acquired a new position in SouthState Bank during the third quarter worth $1,190,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

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.