SouthState (NASDAQ:SSB) Given Overweight Rating at Stephens

Stephens reissued their overweight rating on shares of SouthState (NASDAQ:SSB) in a report released on Thursday morning,Benzinga reports. Stephens currently has a $130.00 target price on the bank’s stock.

Several other research analysts have also recently issued reports on the company. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Citigroup began coverage on shares of SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price for the company. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 price objective (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Piper Sandler boosted their target price on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Truist Financial decreased their price target on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $112.56.

SouthState Price Performance

Shares of SSB opened at $97.00 on Thursday. The stock has a market cap of $7.40 billion, a P/E ratio of 14.97 and a beta of 0.69. The business’s fifty day moving average is $104.93 and its 200 day moving average is $95.62. 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 has a 12-month low of $70.68 and a 12-month high of $114.26.

SouthState (NASDAQ:SSB) last posted 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 net margin of 21.24% and a return on equity of 9.41%. The company had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. During the same period in the previous year, the firm posted $1.62 earnings per share. The firm’s revenue for the quarter was down .4% on a year-over-year basis. Sell-side analysts anticipate that SouthState will post 6.94 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.23%. SouthState’s payout ratio is presently 33.33%.

Hedge Funds Weigh In On SouthState

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SSB. Nicholas Hoffman & Company LLC. lifted its holdings in SouthState by 0.6% during the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock worth $1,472,000 after purchasing an additional 123 shares in the last quarter. Raymond James & Associates lifted its holdings in shares of SouthState by 0.6% in the second quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock worth $1,631,000 after buying an additional 126 shares in the last quarter. Chicago Partners Investment Group LLC boosted its position in shares of SouthState by 7.0% in the third quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock valued at $274,000 after acquiring an additional 186 shares during the period. UMB Bank n.a. grew its stake in SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after acquiring an additional 192 shares in the last quarter. Finally, KBC Group NV increased its holdings in SouthState by 16.3% during the 3rd quarter. KBC Group NV now owns 2,296 shares of the bank’s stock worth $223,000 after acquiring an additional 321 shares during the period. 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.