SouthState (NASDAQ:SSB) Upgraded by Citigroup to Buy Rating

Citigroup upgraded shares of SouthState (NASDAQ:SSB) from a neutral rating to a buy rating in a research report sent to investors on Monday morning, MarketBeat.com reports. The brokerage currently has $128.00 price objective on the bank’s stock, up from their previous price objective of $106.00.

Other equities analysts have also recently issued reports about the company. Truist Financial cut their target price on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $120.00 price objective (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. UBS Group initiated coverage on SouthState in a report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective for the company. Finally, Piper Sandler lifted their price objective on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, SouthState has an average rating of “Moderate Buy” and a consensus target price of $115.44.

SouthState Stock Performance

NASDAQ:SSB opened at $105.99 on Monday. The company has a market capitalization of $8.09 billion, a PE ratio of 16.36 and a beta of 0.70. SouthState has a fifty-two week low of $70.68 and a fifty-two week high of $114.26. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. The company has a 50 day simple moving average of $103.33 and a two-hundred day simple moving average of $98.67.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, February 7th will be paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend is Friday, February 7th. SouthState’s dividend payout ratio (DPR) is presently 31.03%.

Hedge Funds Weigh In On SouthState

A number of institutional investors have recently added to or reduced their stakes in SSB. Assenagon Asset Management S.A. purchased a new position in SouthState in the fourth quarter worth about $21,498,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of SouthState by 64.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 265,578 shares of the bank’s stock valued at $25,809,000 after buying an additional 103,756 shares in the last quarter. Stieven Capital Advisors L.P. purchased a new position in shares of SouthState during the 3rd quarter valued at about $9,086,000. Charles Schwab Investment Management Inc. lifted its position in shares of SouthState by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock valued at $95,999,000 after buying an additional 72,181 shares in the last quarter. Finally, Prospector Partners LLC lifted its position in shares of SouthState by 52.8% during the 3rd quarter. Prospector Partners LLC now owns 185,250 shares of the bank’s stock valued at $18,003,000 after buying an additional 64,013 shares in the last quarter. 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.