Analysts Set SouthState Co. (NASDAQ:SSB) PT at $91.00

SouthState Co. (NASDAQ:SSB) has been given an average rating of “Moderate Buy” by the seven analysts that are covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $90.57.

Several equities research analysts recently commented on SSB shares. Keefe, Bruyette & Woods increased their price objective on SouthState from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, May 28th. Raymond James upgraded shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target for the company in a research note on Tuesday, May 21st. Piper Sandler increased their price objective on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, May 29th. Finally, Truist Financial cut their target price on shares of SouthState from $84.00 to $81.00 and set a “hold” rating for the company in a research report on Monday.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SSB. Norges Bank purchased a new position in SouthState during the fourth quarter valued at approximately $75,485,000. Franklin Resources Inc. raised its position in shares of SouthState by 26.8% during the 4th quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock valued at $186,485,000 after purchasing an additional 466,144 shares during the period. Jupiter Asset Management Ltd. raised its position in shares of SouthState by 270.2% during the 1st quarter. Jupiter Asset Management Ltd. now owns 353,700 shares of the bank’s stock valued at $30,075,000 after purchasing an additional 258,168 shares during the period. Capital World Investors lifted its stake in shares of SouthState by 31.8% during the 4th quarter. Capital World Investors now owns 620,510 shares of the bank’s stock valued at $52,402,000 after buying an additional 149,745 shares in the last quarter. Finally, Capital International Investors boosted its holdings in SouthState by 24.2% in the 4th quarter. Capital International Investors now owns 596,520 shares of the bank’s stock worth $50,376,000 after buying an additional 116,313 shares during the period. 89.76% of the stock is currently owned by institutional investors.

SouthState Trading Up 2.2 %

Shares of NASDAQ SSB opened at $78.17 on Friday. The firm’s 50 day moving average price is $76.44 and its 200-day moving average price is $79.92. SouthState has a 52-week low of $63.36 and a 52-week high of $87.77. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.89 and a current ratio of 0.90. The company has a market cap of $5.96 billion, a PE ratio of 12.75 and a beta of 0.68.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.03. The business had revenue of $415.49 million for the quarter, compared to analysts’ expectations of $414.32 million. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The firm’s quarterly revenue was down 8.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.93 EPS. On average, equities research analysts expect that SouthState will post 6.33 EPS for the current fiscal year.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 10th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.66%. The ex-dividend date was Thursday, May 9th. SouthState’s dividend payout ratio is presently 33.93%.

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.