SouthState Co. (NASDAQ:SSB) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of SouthState Co. (NASDAQ:SSB) have received a consensus recommendation of “Moderate Buy” from the nine ratings firms that are covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $109.78.

A number of research firms recently weighed in on SSB. Citigroup initiated coverage on SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target on the stock. Stephens upgraded SouthState from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Piper Sandler increased their price objective on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Finally, Truist Financial cut their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th.

Institutional Investors Weigh In On SouthState

Hedge funds have recently made changes to their positions in the business. Raymond James & Associates raised its position in shares of SouthState by 0.6% in the 2nd quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock worth $1,631,000 after buying an additional 126 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in SouthState by 12.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,215 shares of the bank’s stock worth $1,239,000 after purchasing an additional 1,807 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in SouthState by 14.4% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 123,482 shares of the bank’s stock valued at $9,437,000 after buying an additional 15,500 shares in the last quarter. Hantz Financial Services Inc. purchased a new stake in SouthState during the second quarter worth approximately $3,107,000. Finally, Van ECK Associates Corp increased its position in shares of SouthState by 16.5% in the second quarter. Van ECK Associates Corp now owns 31,175 shares of the bank’s stock worth $2,382,000 after acquiring an additional 4,418 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Trading Down 1.1 %

NASDAQ:SSB opened at $99.48 on Friday. The stock has a market capitalization of $7.59 billion, a price-to-earnings ratio of 15.35 and a beta of 0.69. SouthState has a 1 year low of $70.68 and a 1 year high of $114.26. The stock has a fifty day moving average price of $104.95 and a two-hundred day moving average price of $95.61. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92.

SouthState (NASDAQ:SSB) last announced 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 net margin of 21.24% and a return on equity of 9.41%. The firm had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. During the same quarter last year, the business earned $1.62 earnings per share. The business’s revenue for the quarter was down .4% compared to the same quarter last year. As a group, sell-side analysts anticipate that SouthState will post 6.94 earnings per share for the current fiscal year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.17%. The ex-dividend date was Friday, November 8th. SouthState’s payout ratio is 33.33%.

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.