SouthState (NASDAQ:SSB) Price Target Increased to $101.00 by Analysts at Stephens

SouthState (NASDAQ:SSB) had its price objective upped by Stephens from $88.00 to $101.00 in a report published on Monday, Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

Other research analysts have also issued research reports about the company. DA Davidson raised their target price on SouthState from $102.00 to $112.00 and gave the company a buy rating in a report on Friday, July 26th. Truist Financial dropped their target price on SouthState from $84.00 to $81.00 and set a hold rating on the stock in a report on Monday, July 8th. Raymond James upgraded SouthState from a market perform rating to an outperform rating and set a $90.00 target price on the stock in a report on Tuesday, May 21st. Piper Sandler lifted their price target on SouthState from $95.00 to $98.00 and gave the stock an overweight rating in a report on Wednesday, May 29th. Finally, Keefe, Bruyette & Woods lifted their price target on SouthState from $92.00 to $95.00 and gave the stock an outperform rating in a report on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $102.75.

SouthState Stock Up 0.0 %

SSB stock opened at $99.04 on Monday. The company has a market cap of $7.55 billion, a P/E ratio of 16.20 and a beta of 0.68. SouthState has a fifty-two week low of $63.36 and a fifty-two week high of $101.32. The stock’s 50 day simple moving average is $79.64 and its 200 day simple moving average is $80.68. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.91.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The company had revenue of $425.48 million for the quarter, compared to analyst estimates of $418.08 million. During the same quarter last year, the company earned $1.63 earnings per share. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, research analysts expect that SouthState will post 6.53 earnings per share for the current fiscal year.

SouthState Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, August 9th will be given a $0.54 dividend. This is an increase from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend is Friday, August 9th. SouthState’s dividend payout ratio (DPR) is currently 35.24%.

Institutional Trading of SouthState

A number of large investors have recently bought and sold shares of the company. Raymond James & Associates increased its position in SouthState by 0.6% in the second quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock worth $1,631,000 after buying an additional 126 shares during the last quarter. Nicholas Hoffman & Company LLC. grew its position in shares of SouthState by 0.7% in the fourth quarter. Nicholas Hoffman & Company LLC. now owns 19,019 shares of the bank’s stock valued at $1,606,000 after purchasing an additional 131 shares in the last quarter. Nisa Investment Advisors LLC grew its position in shares of SouthState by 10.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,250 shares of the bank’s stock valued at $190,000 after purchasing an additional 205 shares in the last quarter. Beacon Pointe Advisors LLC grew its position in shares of SouthState by 0.7% in the fourth quarter. Beacon Pointe Advisors LLC now owns 34,844 shares of the bank’s stock valued at $2,943,000 after purchasing an additional 233 shares in the last quarter. Finally, Xponance Inc. grew its position in shares of SouthState by 2.3% in the fourth quarter. Xponance Inc. now owns 11,183 shares of the bank’s stock valued at $944,000 after purchasing an additional 252 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

About SouthState

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.