SouthState Bank (NYSE:SSB) Upgraded to “Outperform” at Hovde Group

Hovde Group upgraded shares of SouthState Bank (NYSE:SSB) from a market perform rating to an outperform rating in a report released on Thursday morning, Marketbeat reports. Hovde Group currently has $110.00 target price on the stock.

A number of other analysts also recently weighed in on SSB. Jefferies Financial Group boosted their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. JPMorgan Chase & Co. initiated coverage on shares of SouthState Bank in a report on Friday, December 12th. They issued an “overweight” rating and a $115.00 price target for the company. Citigroup lifted their price target on SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Weiss Ratings raised SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. Finally, Barclays upped their price objective on SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, SouthState Bank has a consensus rating of “Buy” and an average price target of $119.07.

SouthState Bank Stock Performance

NYSE:SSB opened at $89.15 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.03. SouthState Bank has a 12-month low of $77.74 and a 12-month high of $108.46. The stock has a 50-day moving average price of $99.52 and a 200 day moving average price of $96.48. The stock has a market capitalization of $8.74 billion, a P/E ratio of 11.34 and a beta of 0.73.

SouthState Bank (NYSE:SSB) last posted its earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share 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 company had revenue of $686.87 million during the quarter, compared to analysts’ expectations of $667.88 million. During the same period last year, the company posted $1.93 earnings per share.

SouthState Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, February 6th. SouthState Bank’s payout ratio is currently 30.53%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fort Washington Investment Advisors Inc. OH grew its position in shares of SouthState Bank by 52.6% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock worth $24,723,000 after buying an additional 86,234 shares in the last quarter. CWM LLC raised its holdings in shares of SouthState Bank by 689.1% in the third 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 in the last quarter. HBK Sorce Advisory LLC raised its holdings in shares of SouthState Bank by 100.1% in the third 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 in the last quarter. Signaturefd LLC lifted its stake in SouthState Bank by 101.0% in the third quarter. Signaturefd LLC now owns 25,068 shares of the company’s stock worth $2,478,000 after acquiring an additional 12,597 shares during the period. Finally, Merit Financial Group LLC purchased a new stake in SouthState Bank in the third quarter worth about $1,190,000. 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.