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

Shares of SouthState Bank Corporation (NYSE:SSB) have been given a consensus rating of “Buy” by the fifteen research firms that are covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $118.7143.

SSB has been the subject of a number of research reports. Citigroup increased their target price on SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Jefferies Financial Group upped their price objective on SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Stephens boosted 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. TD Cowen boosted their price objective on shares of SouthState Bank from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Finally, Barclays raised their target price on shares of SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a report on Monday, January 26th.

SouthState Bank Trading Up 2.6%

Shares of SSB opened at $102.50 on Thursday. The firm has a market cap of $10.05 billion, a P/E ratio of 13.04 and a beta of 0.74. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank has a 1 year low of $77.74 and a 1 year high of $108.46. The company has a 50 day simple moving average of $100.03 and a two-hundred day simple moving average of $96.86.

SouthState Bank (NYSE:SSB) last released 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 during the quarter, compared to the consensus estimate of $667.88 million. During the same quarter in the prior year, the firm earned $1.93 EPS.

SouthState Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, February 6th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, February 6th. SouthState Bank’s dividend payout ratio (DPR) is currently 30.53%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Laurel Wealth Advisors LLC lifted its position in shares of SouthState Bank by 9,074.2% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company’s stock worth $132,125,000 after purchasing an additional 1,420,019 shares during the period. Norges Bank purchased a new stake in SouthState Bank during the fourth quarter valued at approximately $125,940,000. AQR Capital Management LLC boosted its stake in SouthState Bank by 269.4% in the third quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock valued at $120,530,000 after acquiring an additional 889,042 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of SouthState Bank during the 2nd quarter valued at $81,769,000. Finally, Jane Street Group LLC grew its stake in SouthState Bank by 810.7% during the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock worth $69,548,000 after buying an additional 672,721 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.