Brokerages Set SouthState Co. (NASDAQ:SSB) Target Price at $112.56

Shares of SouthState Co. (NASDAQ:SSB) have been given an average recommendation of “Moderate Buy” by the nine ratings firms that are presently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $112.56.

Several equities research analysts recently commented on the company. Truist Financial lowered their price target on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Citigroup assumed coverage on SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price on the stock. Stephens restated an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a research note on Friday. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th.

SouthState Stock Up 4.8 %

SSB opened at $103.29 on Wednesday. SouthState has a one year low of $70.68 and a one year 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 market capitalization of $7.88 billion, a PE ratio of 15.94 and a beta of 0.70. The stock’s fifty day moving average is $103.32 and its 200-day moving average is $98.21.

SouthState (NASDAQ:SSB) last announced 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 analysts’ expectations of $429.47 million. During the same period last year, the company posted $1.62 earnings per share. The business’s revenue for the quarter was down .4% on a year-over-year basis. On average, equities analysts predict that SouthState will post 6.99 EPS for the current fiscal year.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, February 7th will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.09%. The ex-dividend date is Friday, February 7th. SouthState’s payout ratio is presently 33.33%.

Institutional Investors Weigh In On SouthState

Hedge funds have recently made changes to their positions in the stock. Waldron Private Wealth LLC bought a new position in shares of SouthState during the third quarter valued at $35,000. UMB Bank n.a. increased its holdings in SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after purchasing an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in SouthState during the 2nd quarter worth $97,000. Blue Trust Inc. lifted its holdings in SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after buying an additional 167 shares during the period. Finally, International Assets Investment Management LLC grew its position in shares of SouthState by 9,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock valued at $142,000 after buying an additional 1,443 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.