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

SouthState Co. (NASDAQ:SSB) has been given an average recommendation of “Moderate Buy” by the seven brokerages that are covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $90.57.

A number of brokerages have issued reports on SSB. Raymond James raised shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price objective for the company in a research report on Tuesday, May 21st. Keefe, Bruyette & Woods increased their price target on SouthState from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, May 28th. Piper Sandler boosted their price objective on SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 29th. Finally, Truist Financial decreased their target price on SouthState from $84.00 to $81.00 and set a “hold” rating for the company in a research report on Monday.

SouthState Stock Up 2.2 %

Shares of NASDAQ:SSB opened at $78.17 on Friday. The stock has a market cap of $5.96 billion, a price-to-earnings ratio of 12.75 and a beta of 0.68. The business’s 50 day moving average is $76.44 and its 200 day moving average is $79.92. SouthState has a 12-month low of $63.36 and a 12-month high of $87.77. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.05.

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

SouthState Announces Dividend

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

Institutional Investors Weigh In On SouthState

Several institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC raised its position in shares of SouthState by 544.0% in the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after purchasing an additional 272 shares during the period. Fidelis Capital Partners LLC purchased a new position in SouthState in the 1st quarter valued at approximately $30,000. TFO Wealth Partners LLC raised its holdings in SouthState by 13,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after acquiring an additional 402 shares during the period. GAMMA Investing LLC lifted its position in shares of SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after acquiring an additional 333 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of SouthState by 8,346.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock worth $107,000 after acquiring an additional 1,252 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.