Stephens Boosts SouthState (NASDAQ:SSB) Price Target to $101.00

SouthState (NASDAQ:SSB) had its price objective hoisted by Stephens from $88.00 to $101.00 in a research report released on Monday, Benzinga reports. Stephens currently has an equal weight rating on the bank’s stock.

Other research analysts also recently issued reports about the company. Truist Financial decreased their price target on SouthState from $84.00 to $81.00 and set a hold rating for the company in a research note on Monday, July 8th. Raymond James upgraded 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 raised their price target on SouthState from $95.00 to $98.00 and gave the company an overweight rating in a research note on Wednesday, May 29th. Keefe, Bruyette & Woods lifted their target price on SouthState from $92.00 to $95.00 and gave the stock an outperform rating in a research note on Tuesday, May 28th. Finally, DA Davidson lifted their target price on SouthState from $102.00 to $112.00 and gave the stock a buy rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, SouthState currently has a consensus rating of Hold and a consensus target price of $102.75.

SouthState Stock Up 0.0 %

NASDAQ:SSB opened at $99.04 on Monday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.91. The company has a market cap of $7.55 billion, a PE ratio of 16.20 and a beta of 0.68. SouthState has a 52-week low of $63.36 and a 52-week high of $101.32. The stock has a 50-day simple moving average of $79.64 and a 200 day simple moving average of $80.68.

SouthState (NASDAQ:SSB) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. The firm had revenue of $425.48 million during the quarter, compared to the consensus estimate of $418.08 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The business’s revenue was down 3.1% compared to the same quarter last year. During the same period last year, the company earned $1.63 earnings per share. On average, sell-side analysts expect that SouthState will post 6.53 EPS for the current fiscal year.

SouthState Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Friday, August 9th will be issued a dividend of $0.54 per share. This is a boost from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Friday, August 9th. SouthState’s dividend payout ratio (DPR) is presently 35.24%.

Institutional Trading of SouthState

Hedge funds have recently added to or reduced their stakes in the company. SageView Advisory Group LLC acquired a new stake in SouthState during the 1st quarter worth approximately $879,000. The Manufacturers Life Insurance Company lifted its holdings in SouthState by 2.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 720,801 shares of the bank’s stock worth $60,872,000 after purchasing an additional 13,905 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in SouthState by 82.5% during the 1st quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock worth $3,601,000 after purchasing an additional 19,138 shares during the last quarter. Vanguard Group Inc. lifted its holdings in SouthState by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock worth $713,461,000 after purchasing an additional 54,147 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC acquired a new stake in SouthState during the 1st quarter worth approximately $2,754,000. 89.76% of the stock is owned by institutional investors and hedge funds.

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.