SouthState Co. (NASDAQ:SSB) Receives Consensus Rating of “Moderate Buy” from Brokerages

SouthState Co. (NASDAQ:SSB) has received a consensus recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $115.44.

A number of research analysts have weighed in on SSB shares. Piper Sandler lifted their target price on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and raised their price objective for the company from $106.00 to $128.00 in a report on Monday. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Truist Financial cut their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 price target (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th.

Institutional Investors Weigh In On SouthState

A number of institutional investors have recently modified their holdings of SSB. Geode Capital Management LLC lifted its stake in shares of SouthState by 1.8% in the third quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank’s stock worth $176,931,000 after buying an additional 31,340 shares in the last quarter. Earnest Partners LLC grew its stake in shares of SouthState by 2.8% during the 2nd quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank’s stock valued at $114,197,000 after purchasing an additional 40,879 shares during the period. Charles Schwab Investment Management Inc. raised its position in SouthState by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock worth $95,999,000 after acquiring an additional 72,181 shares during the period. The Manufacturers Life Insurance Company raised its holdings in SouthState by 4.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 731,802 shares of the bank’s stock worth $71,117,000 after purchasing an additional 34,194 shares during the period. Finally, Fisher Asset Management LLC raised its stake in shares of SouthState by 3.7% in the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after buying an additional 25,495 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Stock Up 1.9 %

SouthState stock opened at $108.26 on Wednesday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState has a 1-year low of $70.68 and a 1-year high of $114.26. The firm has a market capitalization of $8.26 billion, a price-to-earnings ratio of 16.71 and a beta of 0.70. The firm has a 50 day simple moving average of $103.39 and a 200 day simple moving average of $98.85.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, February 7th will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.00%. SouthState’s payout ratio is 33.33%.

SouthState Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.