SouthState Bank (NYSE:SSB) Hits New 1-Year High on Analyst Upgrade

SouthState Bank Corporation (NYSE:SSB) shares reached a new 52-week high during trading on Friday after DA Davidson raised their price target on the stock from $119.00 to $125.00. DA Davidson currently has a buy rating on the stock. SouthState Bank traded as high as $107.42 and last traded at $107.5090, with a volume of 17784 shares trading hands. The stock had previously closed at $106.56.

Other analysts have also recently issued research reports about the stock. Barclays boosted their target price on shares of SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a report on Monday, January 26th. Raymond James Financial boosted their price objective on shares of SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, January 7th. Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. JPMorgan Chase & Co. began coverage on SouthState Bank in a research report on Friday, December 12th. They issued an “overweight” rating and a $115.00 price target on the stock. Finally, Citigroup upped their price target on SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $118.71.

Hedge Funds Weigh In On SouthState Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FourThought Financial Partners LLC increased its holdings in shares of SouthState Bank by 5.8% in the 4th quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock worth $239,000 after purchasing an additional 139 shares in the last quarter. Algebris UK Ltd. boosted its position in shares of SouthState Bank by 199.4% during the fourth quarter. Algebris UK Ltd. now owns 522,594 shares of the company’s stock valued at $49,204,000 after buying an additional 348,022 shares during the last quarter. Intrust Bank NA bought a new stake in SouthState Bank in the 4th quarter worth about $243,000. Covestor Ltd raised its position in SouthState Bank by 80.8% in the 4th quarter. Covestor Ltd now owns 886 shares of the company’s stock worth $83,000 after buying an additional 396 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new position in SouthState Bank during the 4th quarter valued at about $834,000. 89.76% of the stock is owned by institutional investors.

SouthState Bank Trading Up 1.3%

The stock’s 50 day moving average price is $97.40. 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 has a market cap of $10.85 billion, a price-to-earnings ratio of 13.73 and a beta of 0.74.

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

SouthState Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, February 6th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, February 6th. SouthState Bank’s dividend payout ratio is 30.53%.

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.