SouthState Co. (NASDAQ:SSB) Given Consensus Rating of “Moderate Buy” by Analysts

SouthState Co. (NASDAQ:SSB) has earned a consensus recommendation of “Moderate Buy” from the nine research firms that are covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $109.78.

Several research firms recently commented on SSB. Piper Sandler raised their target price on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Stephens raised SouthState from an “equal weight” rating to an “overweight” rating in a report on Monday, December 9th. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Citigroup started coverage on shares of SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price for the company. Finally, UBS Group initiated coverage on shares of SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock.

SouthState Stock Performance

SSB stock opened at $100.62 on Friday. The stock’s fifty day moving average is $104.78 and its two-hundred day moving average is $94.68. The stock has a market capitalization of $7.68 billion, a price-to-earnings ratio of 15.53 and a beta of 0.69. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. SouthState has a 1 year low of $70.68 and a 1 year high of $114.26.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The firm had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. During the same period in the previous year, the business posted $1.62 EPS. SouthState’s revenue was down .4% on a year-over-year basis. On average, research analysts predict 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. Stockholders of record on Friday, November 8th were paid a $0.54 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.15%. SouthState’s dividend payout ratio is currently 33.33%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Waldron Private Wealth LLC acquired a new stake in shares of SouthState during the third quarter worth $35,000. UMB Bank n.a. raised its holdings in SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after buying an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in SouthState during the second quarter valued at about $97,000. International Assets Investment Management LLC lifted its stake in SouthState by 9,620.0% during the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock valued at $142,000 after buying an additional 1,443 shares in the last quarter. Finally, William B. Walkup & Associates Inc. purchased a new position in shares of SouthState in the second quarter worth approximately $151,000. Institutional investors own 89.76% of the company’s stock.

SouthState Company Profile

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.