SouthState’s (SSB) Overweight Rating Reiterated at Stephens

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

Several other brokerages also recently commented on SSB. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Truist Financial lowered their price target on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. UBS Group began coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective for the company. Piper Sandler increased their price objective on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Finally, Citigroup assumed coverage on SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price on the stock. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, SouthState currently has an average rating of “Moderate Buy” and an average target price of $112.56.

SouthState Trading Up 0.4 %

NASDAQ SSB opened at $97.43 on Thursday. The stock has a market capitalization of $7.43 billion, a price-to-earnings ratio of 15.04 and a beta of 0.69. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. SouthState has a one year low of $70.68 and a one year high of $114.26. The business’s fifty day moving average is $104.96 and its 200-day moving average is $95.95.

SouthState (NASDAQ:SSB) last issued 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 firm had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The business’s revenue was down .4% on a year-over-year basis. During the same period in the previous year, the company posted $1.62 earnings per share. Equities research analysts predict that SouthState will post 6.94 EPS for the current year.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Friday, November 8th. SouthState’s payout ratio is presently 33.33%.

Institutional Trading of SouthState

Several large investors have recently modified their holdings of SSB. BIP Wealth LLC increased its stake in shares of SouthState by 605.2% in the 3rd 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 in the last quarter. Stifel Financial Corp lifted its holdings in shares of SouthState by 10.5% in the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock worth $6,178,000 after buying an additional 6,062 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of SouthState by 3.7% during the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after acquiring an additional 25,495 shares during the last quarter. HighTower Advisors LLC grew its stake in SouthState by 7.6% during the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock valued at $1,083,000 after acquiring an additional 787 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in SouthState in the 3rd quarter valued at $265,000. 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.