Analysts Set SouthState Co. (NASDAQ:SSB) Price Target at $109.78

SouthState Co. (NASDAQ:SSB) has been assigned an average recommendation of “Moderate Buy” from the nine research firms that are currently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $109.78.

SSB has been the subject of several research analyst reports. Piper Sandler raised their target price on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods reissued an “outperform” rating and set 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 target price on the stock. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Finally, Truist Financial cut their price target on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th.

Institutional Trading of SouthState

Institutional investors have recently bought and sold shares of the stock. BIP Wealth LLC lifted its stake in SouthState by 605.2% in the third quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock worth $3,054,000 after purchasing an additional 26,966 shares during the last quarter. Stifel Financial Corp lifted its stake in shares of SouthState by 10.5% during the 3rd quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock worth $6,178,000 after acquiring an additional 6,062 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in SouthState by 3.7% during the 3rd quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock valued at $69,178,000 after acquiring an additional 25,495 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in SouthState by 14.4% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 123,482 shares of the bank’s stock valued at $9,437,000 after acquiring an additional 15,500 shares during the last quarter. Finally, HighTower Advisors LLC increased its stake in SouthState by 7.6% in the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock worth $1,083,000 after purchasing an additional 787 shares during the period. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Performance

NASDAQ SSB opened at $100.59 on Friday. 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 twelve month low of $70.68 and a twelve month high of $114.26. The business has a 50-day moving average price of $104.84 and a 200-day moving average price of $95.38. The firm has a market cap of $7.67 billion, a price-to-earnings ratio of 15.52 and a beta of 0.69.

SouthState (NASDAQ:SSB) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.26. The business had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.62 EPS. As a group, equities research analysts predict that SouthState will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 2.15%. SouthState’s dividend payout ratio (DPR) is presently 33.33%.

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.