SouthState Co. (NASDAQ:SSB) Receives $109.78 Consensus Price Target from Analysts

Shares of SouthState Co. (NASDAQ:SSB) have earned an average rating of “Moderate Buy” from the nine analysts that are presently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $112.56.

A number of research firms recently weighed in on SSB. UBS Group started coverage on shares of SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Citigroup began coverage on SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target for the company. Truist Financial reduced their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 target price (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Finally, Piper Sandler boosted their price target on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th.

SouthState Price Performance

NASDAQ:SSB opened at $97.43 on Friday. The stock has a 50 day moving average of $104.96 and a two-hundred day moving average of $95.79. SouthState has a 12 month low of $70.68 and a 12 month high of $114.26. The firm has a market cap of $7.43 billion, a P/E ratio of 15.04 and a beta of 0.69. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10.

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

SouthState Announces Dividend

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

Institutional Investors Weigh In On SouthState

Several institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its position in SouthState by 12.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock valued at $254,394,000 after acquiring an additional 371,987 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of SouthState by 1.6% in the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock valued at $214,157,000 after purchasing an additional 45,176 shares in the last quarter. Geode Capital Management LLC increased its stake in SouthState by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank’s stock worth $176,931,000 after buying an additional 31,340 shares during the period. American Century Companies Inc. lifted its holdings in SouthState by 2.4% during the 2nd quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock worth $128,831,000 after buying an additional 39,492 shares in the last quarter. Finally, Earnest Partners LLC boosted its position in SouthState by 2.8% in the 2nd quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank’s stock valued at $114,197,000 after buying an additional 40,879 shares during the period. 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.