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

SouthState Bank Corporation (NYSE:SSB) has received a consensus recommendation of “Moderate Buy” from the fourteen research firms that are covering the firm, 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 target price among analysts that have updated their coverage on the stock in the last year is $117.50.

A number of research analysts recently weighed in on SSB shares. Wall Street Zen raised shares of SouthState Bank from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Hovde Group increased their target price on SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, April 27th. JPMorgan Chase & Co. raised 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. Barclays dropped their price target on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, TD Cowen reduced their price objective on SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research note on Monday, April 27th.

SouthState Bank Price Performance

SouthState Bank stock opened at $99.99 on Wednesday. The stock has a market capitalization of $9.77 billion, a P/E ratio of 10.79 and a beta of 0.70. The company’s fifty day moving average price is $96.48 and its 200 day moving average price is $97.24. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. SouthState Bank has a 1 year low of $84.47 and a 1 year high of $108.46.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.07. The business had revenue of $661.70 million for the quarter, compared to the consensus estimate of $669.28 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period last year, the firm posted $0.87 earnings per share. As a group, equities research analysts anticipate that SouthState Bank will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s dividend payout ratio (DPR) is currently 25.89%.

Insiders Place Their Bets

In related news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the completion of the sale, the director owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. This represents a 52.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SSB. Root Financial Partners LLC lifted 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 buying an additional 210 shares in the last quarter. Measured Wealth Private Client Group LLC purchased a new stake in shares of SouthState Bank in the third quarter valued at about $51,000. GHP Investment Advisors Inc. purchased a new stake in shares of SouthState Bank in the first quarter valued at about $52,000. Danske Bank A S acquired a new stake in SouthState Bank during the third quarter worth about $59,000. Finally, Harbour Investments Inc. acquired a new stake in SouthState Bank during the fourth quarter worth about $68,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.