SouthState Bank Corporation (NYSE:SSB) Stock Has Consensus Target Price of $119.00 According to Analysts

Key Points

• Analysts remain broadly bullish on SouthState Bank, with 11 buy ratings, one strong-buy rating and one hold rating. The consensus 12-month price target is $119, versus the stock’s reported opening price of $107.15.
• Recent analyst actions were mixed but generally favorable: Stephens and Truist raised their targets, while JPMorgan lowered its target and UBS downgraded the stock to neutral with a $108 target.
• SouthState reported quarterly EPS of $2.30, below the $2.40 consensus estimate, while revenue also missed expectations. The company declared a $0.66 quarterly dividend, equal to a 2.5% annualized yield.

Shares of SouthState Bank Corporation (NYSE:SSB - Get Free Report) have received an average recommendation of "Buy" from the thirteen brokerages that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $119.00.

Several research firms have recently weighed in on SSB. Stephens increased their price objective on SouthState Bank from $116.00 to $119.00 and gave the company an "overweight" rating in a research report on Monday, October 26th. JPMorgan Chase & Co. dropped their target price on shares of SouthState Bank from $125.00 to $120.00 and set an "overweight" rating on the stock in a research report on Thursday, October 1st. UBS Group cut shares of SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 target price for the company. in a research note on Tuesday, July 7th. Weiss Ratings reissued a "buy (b)" rating on shares of SouthState Bank in a report on Monday, October 12th. Finally, Truist Financial increased their price target on shares of SouthState Bank from $113.00 to $118.00 and gave the company a "buy" rating in a report on Wednesday, October 28th.

SouthState Bank Price Performance

Shares of NYSE:SSB opened at $107.15 on Tuesday. SouthState Bank has a fifty-two week low of $84.47 and a fifty-two week high of $112.20. The business has a 50-day moving average of $103.64 and a two-hundred day moving average of $100.29. The stock has a market capitalization of $10.39 billion, a P/E ratio of 11.41 and a beta of 0.78. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.95 and a quick ratio of 0.95.

SouthState Bank (NYSE:SSB - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The company reported $2.30 EPS for the quarter, missing analysts' consensus estimates of $2.40 by ($0.10). SouthState Bank had a net margin of 24.63% and a return on equity of 10.23%. The company had revenue of $685.43 million for the quarter, compared to analyst estimates of $691.13 million. During the same period in the prior year, the company posted $2.58 EPS. On average, equities research analysts predict that SouthState Bank will post 9.35 EPS for the current fiscal year.

SouthState Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, November 6th will be given a $0.66 dividend. The ex-dividend date is Friday, November 6th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank's dividend payout ratio (DPR) is currently 28.12%.

Insider Buying and Selling

In other news, Director David Brooks sold 24,650 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the sale, the director directly owned 7,900 shares in the company, valued at approximately $869,000. The trade was a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 4,000 shares of the company's stock in a transaction on 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. The trade was a 8.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On SouthState Bank

A number of hedge funds have recently made changes to their positions in SSB. Cibc World Market Inc. acquired a new stake in SouthState Bank during the 2nd quarter valued at $1,823,000. Y Intercept Hong Kong Ltd bought a new position in SouthState Bank in the 1st quarter valued at $4,898,000. State Street Corp raised its position in SouthState Bank by 3.3% in the 2nd quarter. State Street Corp now owns 3,858,127 shares of the company's stock valued at $385,427,000 after purchasing an additional 123,549 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in SouthState Bank in the second quarter worth $3,099,000. Finally, Hsbc Holdings PLC acquired a new position in SouthState Bank in the second quarter worth $3,039,000. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Bank Company Profile

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation NYSE: SSB. The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.

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