SouthState Bank (NYSE:SSB) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of SouthState Bank (NYSE:SSB) from a sell rating to a hold rating in a report issued on Sunday.

SSB has been the subject of several other research reports. JPMorgan Chase & Co. lowered their price objective on SouthState Bank from $120.00 to $110.00 and set an “overweight” rating for the company in a research report on Wednesday, April 1st. Hovde Group raised their price objective on SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Citigroup raised their price objective on SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Truist Financial lowered their price objective on SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Finally, Jefferies Financial Group raised their price objective on SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $118.23.

SouthState Bank Stock Performance

Shares of SouthState Bank stock opened at $92.19 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $9.00 billion, a P/E ratio of 9.95 and a beta of 0.72. The business has a fifty day simple moving average of $94.55 and a two-hundred day simple moving average of $95.51. SouthState Bank has a 12 month low of $84.47 and a 12 month high of $108.46.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, beating the consensus estimate of $2.21 by $0.07. The business had revenue of $661.70 million during the quarter, compared to analyst estimates of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same quarter last year, the firm posted $0.87 earnings per share. On average, equities analysts forecast that SouthState Bank will post 9.46 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were given a $0.60 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. SouthState Bank’s payout ratio is 25.89%.

Insiders Place Their Bets

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the business’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the transaction, the director owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. The trade was a 52.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On SouthState Bank

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its position 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 buying an additional 161,928 shares during the last quarter. Dimensional Fund Advisors LP raised its position in SouthState Bank by 4.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,934,851 shares of the company’s stock worth $456,554,000 after buying an additional 205,355 shares during the last quarter. Geode Capital Management LLC raised its position 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 buying an additional 85,981 shares during the last quarter. Invesco Ltd. raised its position in SouthState Bank by 3.6% in the 4th quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock worth $155,068,000 after buying an additional 56,693 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in SouthState Bank by 1.0% in the 4th quarter. Franklin Resources Inc. now owns 1,623,728 shares of the company’s stock worth $152,809,000 after buying an additional 15,787 shares during 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.