SouthState Bank Corporation (NYSE:SSB) Stock Has Average Target Price of $119.00 According to Brokerages

Shares of SouthState Bank Corporation (NYSE:SSB) have received an average rating of “Buy” from the thirteen analysts that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation, eleven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $119.62.

Several analysts recently commented on the company. Piper Sandler raised their target price on SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. Stephens boosted their price target on SouthState Bank from $116.00 to $119.00 and gave the stock an “overweight” rating in a research report on Monday, October 26th. Wall Street Zen cut SouthState Bank from a “hold” rating to a “sell” rating in a research note on Saturday, October 24th. TD Cowen decreased their price target on SouthState Bank from $120.00 to $116.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Finally, Barclays raised their price target on SouthState Bank from $120.00 to $128.00 and gave the company an “overweight” rating in a report on Tuesday.

Insider Transactions at SouthState Bank

In other SouthState Bank news, CFO William E. V. Matthews sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the transaction, the chief financial officer owned 40,568 shares of the company’s stock, valued at approximately $4,419,072.24. This trade represents a 8.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is owned by corporate insiders.

Institutional Trading of SouthState Bank

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in SouthState Bank during the second quarter worth approximately $981,557,000. Bank of New York Mellon Corp bought a new position in shares of SouthState Bank in the second quarter valued at $130,419,000. The Manufacturers Life Insurance Company bought a new position in shares of SouthState Bank in the second quarter valued at $85,467,000. Bank of America Corp DE acquired a new stake in shares of SouthState Bank during the 2nd quarter valued at $59,792,000. Finally, Algebris UK Ltd. acquired a new stake in shares of SouthState Bank during the 2nd quarter valued at $57,293,000. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Bank Price Performance

NYSE SSB opened at $104.75 on Tuesday. SouthState Bank has a 52 week low of $84.47 and a 52 week high of $112.20. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.06. The stock has a market cap of $10.13 billion, a price-to-earnings ratio of 11.16 and a beta of 0.77. The company has a 50-day moving average price of $103.60 and a two-hundred day moving average price of $100.40.

SouthState Bank (NYSE:SSB) last released its quarterly earnings results on Wednesday, October 21st. The company reported $2.30 earnings per share for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.10). The business had revenue of $685.43 million for the quarter, compared to the consensus estimate of $691.13 million. SouthState Bank had a net margin of 24.63% and a return on equity of 10.23%. During the same period last year, the firm posted $2.58 EPS. Analysts forecast that SouthState Bank will post 9.35 EPS for the current year.

SouthState Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, November 6th will be issued a $0.66 dividend. The ex-dividend date of this dividend is Friday, November 6th. This represents a $2.64 annualized dividend and a yield of 2.5%. SouthState Bank’s dividend payout ratio is presently 28.12%.

About SouthState Bank

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

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.