SouthState Bank Corporation (NYSE:SSB) Given Consensus Recommendation of “Buy” by Brokerages

Shares of SouthState Bank Corporation (NYSE:SSB) have been given a consensus recommendation of “Buy” by the fourteen ratings firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation, twelve have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $118.6154.

SSB has been the subject of several recent research reports. TD Cowen cut their price objective on SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a report on Monday, April 27th. Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Truist Financial cut their price objective on SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a report on Monday, April 27th. Barclays cut their price objective on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating for the company in a report on Monday, April 27th. Finally, Hovde Group increased their price objective on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, April 27th.

SouthState Bank Price Performance

SSB opened at $96.78 on Friday. The stock has a fifty day moving average of $95.61 and a 200-day moving average of $96.32. The firm has a market capitalization of $9.45 billion, a P/E ratio of 10.44 and a beta of 0.70. SouthState Bank has a 12-month low of $84.47 and a 12-month high of $108.46. 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 released its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. The company had revenue of $661.70 million during 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 prior year, the company earned $0.87 earnings per share. Equities analysts forecast that SouthState Bank will post 9.49 EPS for the current fiscal year.

SouthState Bank Dividend Announcement

The company also recently disclosed 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. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, May 8th. SouthState Bank’s dividend payout ratio (DPR) is currently 25.89%.

Insider Activity

In related news, Director David R. Brooks sold 14,300 shares of the stock in a transaction 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 completion of the sale, the director directly owned 12,700 shares in the company, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.70% of the company’s stock.

Institutional Trading of SouthState Bank

Several hedge funds and other institutional investors have recently modified their holdings of the company. Root Financial Partners LLC increased its position in SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after buying an additional 210 shares during the last quarter. Measured Wealth Private Client Group LLC acquired a new position in SouthState Bank during the third quarter worth $51,000. GHP Investment Advisors Inc. acquired a new position in SouthState Bank during the first quarter worth $52,000. State of Wyoming increased its position in SouthState Bank by 356.0% during the third quarter. State of Wyoming now owns 570 shares of the company’s stock worth $56,000 after buying an additional 445 shares during the last quarter. Finally, Ameritas Advisory Services LLC acquired a new position in SouthState Bank during the third quarter worth $57,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

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.