Stephens reiterated their overweight rating on shares of SouthState (NASDAQ:SSB – Free Report) in a research report report published on Friday,Benzinga reports. Stephens currently has a $130.00 price target on the bank’s stock.
Other analysts also recently issued research reports about the company. Citigroup started coverage on SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price on the stock. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $120.00 target price (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Truist Financial dropped their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Finally, Piper Sandler lifted their target price on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, SouthState currently has a consensus rating of “Moderate Buy” and an average target price of $112.56.
Get Our Latest Stock Report on SSB
SouthState Trading Up 4.8 %
SouthState Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, February 7th will be given a $0.54 dividend. 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 dividend payout ratio (DPR) is presently 33.33%.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the business. Waldron Private Wealth LLC purchased a new position in SouthState during the 3rd quarter valued at about $35,000. UMB Bank n.a. increased its stake in SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after buying an additional 192 shares during the period. Blue Trust Inc. boosted its stake 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 period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of SouthState during the 2nd quarter valued at $97,000. Finally, International Assets Investment Management LLC increased its stake in shares of SouthState by 9,620.0% in the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after acquiring an additional 1,443 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.
About SouthState
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.
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