SouthState Bank Corporation (NYSE:SSB) Stock Has Average Price Target of $118.92

SouthState Bank Corporation (NYSE:SSB) has been given an average rating of “Buy” by the thirteen ratings firms that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, eleven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $118.54.

SSB has been the subject of a number of research reports. Truist Financial reduced their target price on shares of SouthState Bank from $118.00 to $113.00 and set a “buy” rating for the company in a report on Friday. Piper Sandler raised their price target on SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. Barclays boosted their price target on SouthState Bank from $118.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, October 5th. Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a research report on Saturday, October 3rd. Finally, Citigroup upped their price objective on SouthState Bank from $115.00 to $126.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th.

Insider Buying and Selling

In other news, CFO William E. V. Matthews sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the sale, the chief financial officer owned 40,568 shares in the company, valued at $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David Brooks sold 24,650 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the sale, the director owned 7,900 shares of the company’s stock, valued at $869,000. This trade represents a 75.73% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 34,831 shares of company stock worth $3,814,274. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On SouthState Bank

Institutional investors have recently bought and sold shares of the company. FJ Capital Management LLC grew its stake in shares of SouthState Bank by 54.0% during the 4th quarter. FJ Capital Management LLC now owns 813,033 shares of the company’s stock worth $76,515,000 after purchasing an additional 285,091 shares during the period. Cibc World Market Inc. acquired a new stake in shares of SouthState Bank in the second quarter valued at about $1,823,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of SouthState Bank in the first quarter valued at about $4,898,000. Public Employees Retirement System of Ohio acquired a new stake in shares of SouthState Bank in the second quarter valued at about $3,099,000. Finally, NFJ Investment Group LLC purchased a new stake in SouthState Bank during the fourth quarter worth about $30,930,000. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Bank Stock Performance

Shares of SouthState Bank stock opened at $100.25 on Friday. The firm’s fifty day simple moving average is $105.41 and its 200-day simple moving average is $100.24. The stock has a market capitalization of $9.72 billion, a price-to-earnings ratio of 10.54 and a beta of 0.78. SouthState Bank has a 12 month low of $84.47 and a 12 month high of $112.20. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93.

SouthState Bank (NYSE:SSB) last released its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. The firm had revenue of $672.67 million during the quarter, compared to the consensus estimate of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same quarter in the prior year, the firm earned $2.30 EPS. As a group, equities analysts forecast that SouthState Bank will post 9.47 earnings per share for the current year.

SouthState Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were paid a $0.66 dividend. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date was Friday, August 7th. This represents a $2.64 annualized dividend and a dividend yield of 2.6%. SouthState Bank’s dividend payout ratio (DPR) is 27.76%.

SouthState Bank Company Profile

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial products and services to individuals, businesses, institutions and municipalities, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, and lines of credit.

Its business also includes commercial banking, treasury and cash-management services, equipment financing, small-business lending, and wealth-management and trust services.