SouthState’s (SSB) Overweight Rating Reiterated at Stephens

Stephens reaffirmed their overweight rating on shares of SouthState (NASDAQ:SSB) in a research report report published on Thursday morning,Benzinga reports. They currently have a $130.00 target price on the bank’s stock.

Other equities analysts also recently issued research reports about the company. Piper Sandler upped their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Keefe, Bruyette & Woods reiterated 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. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. UBS Group assumed coverage on SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price on the stock. Finally, Truist Financial dropped their price objective on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $112.56.

SouthState Stock Up 0.4 %

SouthState stock opened at $97.43 on Thursday. The company’s 50 day simple moving average is $104.96 and its 200 day simple moving average is $95.95. The firm has a market capitalization of $7.43 billion, a price-to-earnings ratio of 15.04 and a beta of 0.69. SouthState has a fifty-two week low of $70.68 and a fifty-two week high of $114.26. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.26. The business had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. SouthState’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.62 EPS. As a group, sell-side analysts anticipate that SouthState will post 6.94 EPS for the current year.

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.22%. SouthState’s dividend payout ratio is currently 33.33%.

Institutional Investors Weigh In On SouthState

A number of hedge funds have recently made changes to their positions in SSB. Central Pacific Bank Trust Division boosted its stake in shares of SouthState by 15.7% during the fourth quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock valued at $183,000 after purchasing an additional 250 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in SouthState by 2.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock worth $39,736,000 after acquiring an additional 9,863 shares during the period. Synovus Financial Corp increased its holdings in SouthState by 64.8% in the third quarter. Synovus Financial Corp now owns 116,404 shares of the bank’s stock worth $11,312,000 after purchasing an additional 45,785 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of SouthState during the 3rd quarter valued at $265,000. Finally, Geode Capital Management LLC boosted its position in shares of SouthState by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank’s stock worth $176,931,000 after purchasing an additional 31,340 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.