Brokerages Set SouthState Bank Corporation (NYSE:SSB) Price Target at $118.71

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

Several research firms recently weighed in on SSB. Citigroup increased their price target on shares of SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Raymond James Financial upped their price target on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research report on Wednesday, January 7th. Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Stephens boosted their target price on shares of SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Monday, January 26th. Finally, DA Davidson raised their price target on SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 5th.

SouthState Bank Price Performance

Shares of NYSE SSB opened at $98.56 on Thursday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $9.67 billion, a PE ratio of 12.54 and a beta of 0.74. The stock’s 50 day moving average price is $100.18 and its 200-day moving average price is $96.97. SouthState Bank has a twelve month low of $77.74 and a twelve month high of $108.46.

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

SouthState Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were given a dividend of $0.60 per share. The ex-dividend date was Friday, February 6th. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. SouthState Bank’s dividend payout ratio is currently 30.53%.

Hedge Funds Weigh In On SouthState Bank

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in SouthState Bank by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock worth $1,029,315,000 after purchasing an additional 161,928 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of SouthState Bank by 1.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,729,496 shares of the company’s stock worth $445,101,000 after buying an additional 62,879 shares in the last quarter. American Century Companies Inc. boosted its stake in SouthState Bank by 10.1% during the second quarter. American Century Companies Inc. now owns 1,948,379 shares of the company’s stock valued at $179,310,000 after buying an additional 178,842 shares during the period. Geode Capital Management LLC increased its stake in SouthState Bank by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock worth $175,653,000 after acquiring an additional 85,981 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of SouthState Bank by 3.6% in the 4th quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock valued at $155,068,000 after acquiring an additional 56,693 shares in 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.