SouthState Co. (NASDAQ:SSB) Receives $112.56 Consensus Price Target from Analysts

SouthState Co. (NASDAQ:SSB) has been given an average recommendation of “Moderate Buy” by the nine ratings firms that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $112.56.

Several brokerages recently issued reports on SSB. Stephens reissued an “overweight” rating and set a $130.00 target price on shares of SouthState in a research note on Friday. Citigroup began coverage on shares of SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective on the stock. Piper Sandler boosted 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. Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Finally, UBS Group initiated coverage on SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective for the company.

Institutional Trading of SouthState

Several institutional investors have recently made changes to their positions in SSB. Caprock Group LLC raised its stake in shares of SouthState by 5.8% during the 4th quarter. Caprock Group LLC now owns 2,567 shares of the bank’s stock worth $255,000 after purchasing an additional 140 shares during the period. Perigon Wealth Management LLC bought a new stake in SouthState in the fourth quarter worth about $233,000. Pacer Advisors Inc. boosted its stake in SouthState by 1.9% in the fourth quarter. Pacer Advisors Inc. now owns 11,371 shares of the bank’s stock valued at $1,131,000 after acquiring an additional 207 shares during the last quarter. KBC Group NV increased its stake in shares of SouthState by 35.3% during the 4th quarter. KBC Group NV now owns 3,106 shares of the bank’s stock worth $309,000 after purchasing an additional 810 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in shares of SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock valued at $113,000 after buying an additional 167 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

SouthState Trading Up 4.8 %

SSB opened at $103.29 on Wednesday. SouthState has a twelve month low of $70.68 and a twelve month high of $114.26. The company has a fifty day moving average of $103.32 and a 200-day moving average of $98.21. The stock has a market cap of $7.88 billion, a PE ratio of 15.94 and a beta of 0.70. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The business had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. During the same quarter last year, the firm posted $1.62 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. On average, sell-side analysts predict that SouthState will post 6.99 EPS for the current year.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, February 7th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.09%. SouthState’s payout ratio is 33.33%.

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.