SouthState Bank Corporation (NYSE:SSB) Receives Consensus Recommendation of “Buy” from Analysts

SouthState Bank Corporation (NYSE:SSB) has earned an average recommendation of “Buy” from the fourteen analysts that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $118.2308.

Several research firms have weighed in on SSB. Truist Financial lowered their price target on SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Barclays lowered their price target on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. Weiss Ratings raised SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Stephens boosted their price target on SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Finally, DA Davidson boosted their price target on SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th.

SouthState Bank Stock Down 1.2%

NYSE:SSB opened at $92.19 on Tuesday. The firm has a market capitalization of $9.00 billion, a price-to-earnings ratio of 9.95 and a beta of 0.72. SouthState Bank has a twelve month low of $84.47 and a twelve month high of $108.46. The stock’s 50 day moving average price is $94.55 and its two-hundred day moving average price is $95.48. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.07. The firm had revenue of $661.70 million for 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 in the previous year, the firm earned $0.87 EPS. Equities research analysts expect that SouthState Bank will post 9.46 earnings per share for the current fiscal year.

SouthState Bank Dividend Announcement

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

Insider Buying and Selling at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the transaction, the director directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its holdings in shares of SouthState Bank by 4.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company’s stock worth $37,675,000 after acquiring an additional 16,974 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of SouthState Bank by 168.3% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 84,046 shares of the company’s stock worth $8,406,000 after acquiring an additional 52,718 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of SouthState Bank by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 10,775,431 shares of the company’s stock worth $1,065,367,000 after acquiring an additional 130,358 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in SouthState Bank in the 3rd quarter valued at $1,465,000. Finally, Oliver Luxxe Assets LLC bought a new stake in SouthState Bank in the 3rd quarter valued at $1,839,000. 89.76% of the stock is 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.