SouthState Bank Corporation (NYSE:SSB) Given Average Recommendation of "Buy" by Brokerages

Key Points

• Analyst sentiment remains positive: Thirteen brokerages give SouthState Bank an average “Buy” rating, with an average 12-month price target of $119.64 versus the stock’s $105.93 opening price.
• Quarterly results exceeded expectations: SouthState reported earnings of $2.35 per share, above the $2.31 consensus estimate, while revenue of $672.67 million fell slightly short of forecasts.
• The dividend increased: The quarterly payout rose from $0.60 to $0.66 per share, equivalent to an annualized dividend of $2.64 and a 2.5% yield. Insiders sold $3.81 million of stock over the past three months, while institutional investors own 89.76% of shares.

Shares of SouthState Bank Corporation (NYSE:SSB - Get Free Report) have earned an average rating of "Buy" from the thirteen brokerages that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $119.6429.

Several brokerages have recently weighed in on SSB. JPMorgan Chase & Co. raised their price objective on SouthState Bank from $115.00 to $120.00 and gave the company an "overweight" rating in a report on Wednesday, July 1st. TD Cowen upped their target price on SouthState Bank from $114.00 to $120.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. UBS Group lowered SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 target price on the stock. in a report on Tuesday, July 7th. Piper Sandler increased their price target on SouthState Bank from $120.00 to $125.00 and gave the company an "overweight" rating in a research report on Monday, July 27th. Finally, Barclays decreased their price target on SouthState Bank from $123.00 to $118.00 and set an "overweight" rating for the company in a research note on Tuesday, July 7th.

Insider Buying and Selling at SouthState Bank

In other news, CFO William Matthews sold 4,000 shares of SouthState Bank stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the transaction, the chief financial officer owned 40,568 shares of the company's stock, valued at $4,419,072.24. This trade represents a 8.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David R. Brooks sold 24,650 shares of SouthState Bank stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the completion of the transaction, the director directly owned 7,900 shares of the company's stock, valued at approximately $869,000. This trade represents a 75.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 34,831 shares of company stock valued at $3,814,274 over the last three months. 1.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On SouthState Bank

Several hedge funds have recently bought and sold shares of SSB. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in SouthState Bank during the second quarter worth approximately $28,000. Root Financial Partners LLC raised its stake in SouthState Bank by 100.0% in the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company's stock valued at $39,000 after acquiring an additional 210 shares during the period. FNY Investment Advisers LLC acquired a new stake in SouthState Bank during the 2nd quarter valued at $50,000. Measured Wealth Private Client Group LLC acquired a new stake in SouthState Bank during the 3rd quarter valued at $51,000. Finally, GHP Investment Advisors Inc. acquired a new stake in SouthState Bank during the 1st quarter valued at $52,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Price Performance

Shares of SSB opened at $105.93 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. SouthState Bank has a twelve month low of $84.47 and a twelve month high of $112.20. The stock has a market capitalization of $10.27 billion, a P/E ratio of 11.14 and a beta of 0.72. The company has a 50 day moving average of $105.57 and a 200-day moving average of $99.20.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The business had revenue of $672.67 million during the quarter, compared to analysts' expectations of $676.83 million. During the same quarter in the prior year, the company posted $2.30 earnings per share. As a group, equities research analysts forecast that SouthState Bank will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were issued a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, August 7th. This is a boost from SouthState Bank's previous quarterly dividend of $0.60. SouthState Bank's payout ratio is currently 27.76%.

SouthState Bank Company Profile

SouthState Bank is the principal banking subsidiary of SouthState Corporation NYSE: SSB, a regional financial institution headquartered in Winter Haven, Florida. The bank provides banking and financial services to individuals, families, businesses and institutions through a network of branches and digital banking channels.

Its offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit cards, treasury management, cash management and online and mobile banking.

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