Stephens Reiterates “Overweight” Rating for SouthState (NASDAQ:SSB)

Stephens restated their overweight rating on shares of SouthState (NASDAQ:SSB) in a research report report published on Thursday morning,Benzinga reports. The firm currently has a $130.00 price objective on the bank’s stock.

Other equities research analysts also recently issued research reports about the company. UBS Group assumed coverage on SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Truist Financial decreased their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 target price (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Citigroup assumed coverage on shares of SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target on the stock. Finally, Piper Sandler upped their price objective 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. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $112.56.

SouthState Stock Performance

Shares of SSB opened at $97.00 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The stock has a 50-day moving average price of $104.93 and a 200-day moving average price of $95.62. The company has a market cap of $7.40 billion, a PE ratio of 14.97 and a beta of 0.69. SouthState has a 12-month low of $70.68 and a 12-month high of $114.26.

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

SouthState Announces Dividend

The company also recently declared 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 annualized dividend and a yield of 2.23%. SouthState’s payout ratio is currently 33.33%.

Hedge Funds Weigh In On SouthState

Hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in shares of SouthState by 12.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock worth $254,394,000 after purchasing an additional 371,987 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in 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 purchasing an additional 103,756 shares during the last quarter. Stieven Capital Advisors L.P. bought a new stake in shares of SouthState in the 3rd quarter worth approximately $9,086,000. Charles Schwab Investment Management Inc. increased its stake in shares of SouthState by 7.9% during the third 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 during the period. Finally, Prospector Partners LLC raised its holdings in shares of SouthState by 52.8% during the third quarter. Prospector Partners LLC now owns 185,250 shares of the bank’s stock valued at $18,003,000 after acquiring an additional 64,013 shares in the last quarter. Hedge funds and other 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.