Brokerages Set SouthState Co. (NASDAQ:SSB) PT at $102.75

Shares of SouthState Co. (NASDAQ:SSB) have been assigned a consensus rating of “Moderate Buy” from the eight analysts that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $102.75.

Several brokerages have recently weighed in on SSB. Piper Sandler boosted their price target on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, May 29th. Keefe, Bruyette & Woods boosted their price objective on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Hovde Group boosted their price objective on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Raymond James upgraded shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price objective on the stock in a report on Tuesday, May 21st. Finally, DA Davidson boosted their price objective on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, July 26th.

Institutional Trading of SouthState

Institutional investors and hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC increased its stake in shares of SouthState by 544.0% during the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after buying an additional 272 shares during the period. Fidelis Capital Partners LLC purchased a new stake in shares of SouthState during the first quarter worth approximately $30,000. TFO Wealth Partners LLC increased its stake in shares of SouthState by 13,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after buying an additional 402 shares during the period. GAMMA Investing LLC increased its stake in shares of SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after buying an additional 333 shares during the period. Finally, International Assets Investment Management LLC increased its stake in shares of SouthState by 8,346.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock worth $107,000 after buying an additional 1,252 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Trading Up 0.9 %

Shares of SSB stock opened at $88.61 on Wednesday. The company’s 50-day moving average price is $81.13 and its 200-day moving average price is $81.10. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12. The stock has a market cap of $6.75 billion, a price-to-earnings ratio of 14.46 and a beta of 0.68. SouthState has a twelve month low of $63.36 and a twelve month high of $101.32.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.25. The firm had revenue of $425.48 million for the quarter, compared to analysts’ expectations of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The company’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.63 EPS. As a group, equities analysts predict that SouthState will post 6.64 earnings per share for the current year.

SouthState Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, August 9th will be paid a dividend of $0.54 per share. The ex-dividend date is Friday, August 9th. This is a positive change from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 dividend on an annualized basis and a yield of 2.44%. SouthState’s dividend payout ratio is 35.24%.

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.