Brokerages Set SouthState Bank Corporation (NYSE:SSB) Target Price at $117.50

SouthState Bank Corporation (NYSE:SSB) has earned an average recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $119.6429.

A number of analysts have recently issued reports on SSB shares. DA Davidson reiterated a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a report on Wednesday, June 10th. UBS Group lowered shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target on the stock. in a report on Tuesday, July 7th. Barclays reduced their price target on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 7th. Citigroup boosted their price objective on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Weiss Ratings raised shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th.

SouthState Bank Trading Up 1.4%

Shares of SSB opened at $106.64 on Friday. SouthState Bank has a twelve month low of $84.47 and a twelve month high of $108.46. The firm has a market capitalization of $10.42 billion, a P/E ratio of 11.21 and a beta of 0.70. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.11. The stock’s fifty day simple moving average is $98.51 and its 200 day simple moving average is $97.90.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The firm had revenue of $672.67 million during the quarter, compared to the consensus estimate of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same quarter in the previous year, the business earned $2.30 earnings per share. On average, equities research analysts forecast that SouthState Bank will post 9.52 earnings per share for the current year.

SouthState Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be given a dividend of $0.66 per share. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. SouthState Bank’s dividend payout ratio is currently 25.24%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Krilogy Financial LLC purchased a new stake in shares of SouthState Bank in the second quarter worth about $267,000. Polaris Capital Management LLC acquired a new stake in shares of SouthState Bank in the second quarter valued at about $2,913,000. E. Ohman J or Asset Management AB purchased a new stake in shares of SouthState Bank during the 2nd quarter valued at about $3,159,000. FNY Investment Advisers LLC purchased a new stake in shares of SouthState Bank during the 2nd quarter valued at about $50,000. Finally, GAMMA Investing LLC lifted its position in SouthState Bank by 19.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,516 shares of the company’s stock worth $251,000 after acquiring an additional 405 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

About SouthState Bank

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.