Brokerages Set SouthState Bank Corporation (NYSE:SSB) Price Target at $119.64

SouthState Bank Corporation (NYSE:SSB) has been assigned a consensus rating of “Buy” from the thirteen analysts that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $119.6429.

A number of research analysts have weighed in on SSB shares. UBS Group lowered shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price objective on the stock. in a research note on Tuesday, July 7th. Fundamental Research set a $120.00 target price on SouthState Bank in a report on Wednesday, July 1st. JPMorgan Chase & Co. lifted their target price on SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Truist Financial lifted their target price on SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, DA Davidson reiterated a “buy” rating and set a $125.00 price target on shares of SouthState Bank in a report on Wednesday, June 10th.

Insider Activity at SouthState Bank

In other news, Director David Brooks sold 24,650 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the transaction, the director directly owned 7,900 shares of the company’s stock, valued at $869,000. This represents a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO William E. V. Matthews sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the transaction, the chief financial officer owned 40,568 shares of the company’s stock, valued at $4,419,072.24. This trade represents a 8.98% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 34,831 shares of company stock worth $3,814,274. Insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On SouthState Bank

Hedge funds have recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in SouthState Bank in the 2nd quarter valued at about $28,000. Root Financial Partners LLC boosted its position in SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after purchasing an additional 210 shares during the period. FNY Investment Advisers LLC bought a new position in SouthState Bank during the second quarter worth about $50,000. GHP Investment Advisors Inc. purchased a new position in shares of SouthState Bank in the first quarter worth about $52,000. Finally, Trust Co. of Vermont purchased a new position in shares of SouthState Bank in the second quarter worth about $65,000. Institutional investors own 89.76% of the company’s stock.

SouthState Bank Price Performance

Shares of NYSE SSB opened at $103.53 on Monday. The firm has a market capitalization of $10.04 billion, a P/E ratio of 10.89 and a beta of 0.72. The firm’s 50-day moving average price is $106.08 and its 200-day moving average price is $99.33. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. SouthState Bank has a 1-year low of $84.47 and a 1-year high of $112.20.

SouthState Bank (NYSE:SSB) last released its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.The firm had revenue of $672.67 million during the quarter, compared to the consensus estimate of $676.83 million. During the same quarter in the previous year, the company posted $2.30 earnings per share. Equities research analysts anticipate that SouthState Bank will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were paid a $0.66 dividend. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date was Friday, August 7th. This represents a $2.64 annualized dividend and a yield of 2.6%. SouthState Bank’s dividend payout ratio (DPR) is 27.76%.

SouthState Bank Company Profile

SouthState Bank is the principal banking subsidiary of SouthState Corporation (NYSE: SSB), a regional financial institution headquartered in Winter Haven, Florida. The bank provides banking and financial services to individuals, families, businesses and institutions through a network of branches and digital banking channels.

Its offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit cards, treasury management, cash management and online and mobile banking.