SouthState Bank Corporation (NYSE:SSB) Given Average Rating of "Buy" by Analysts

Key Points

• Analysts maintain a bullish view: Thirteen brokerages give SouthState Bank an average “Buy” rating, with an average 1-year price target of $119.64 versus the reported share price of $107.13.
• SouthState Bank beat quarterly EPS expectations, reporting $2.35 per share versus the $2.31 consensus estimate, although revenue of $672.67 million came in slightly below forecasts.
• The company raised its quarterly dividend from $0.60 to $0.66 per share, equivalent to an annualized $2.64 dividend and a 2.5% yield; meanwhile, insiders sold roughly $3.8 million of stock over the last quarter.

SouthState Bank Corporation (NYSE:SSB - Get Free Report) has been assigned an average recommendation of "Buy" from the thirteen brokerages that are covering the stock, MarketBeat reports. One equities research 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 1-year price objective among analysts that have covered the stock in the last year is $119.6429.

SSB has been the subject of a number of recent research reports. Piper Sandler increased their price objective on SouthState Bank from $120.00 to $125.00 and gave the company an "overweight" rating in a report on Monday, July 27th. Truist Financial increased their target price on shares of SouthState Bank from $108.00 to $118.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. TD Cowen boosted their price target on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Wall Street Zen lowered shares of SouthState Bank from a "hold" rating to a "sell" rating in a research note on Saturday, July 25th. Finally, Hovde Group increased their price objective on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th.

SouthState Bank Stock Down 2.7%

Shares of NYSE SSB opened at $107.13 on Thursday. The company has a 50 day simple moving average of $103.02 and a 200 day simple moving average of $98.97. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93. SouthState Bank has a 1 year low of $84.47 and a 1 year high of $112.20. The firm has a market cap of $10.39 billion, a PE ratio of 11.26 and a beta of 0.71.

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

SouthState Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were given a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. This is an increase from SouthState Bank's previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Friday, August 7th. SouthState Bank's payout ratio is currently 27.76%.

Insider Transactions at SouthState Bank

In other news, Director David R. Brooks sold 24,650 shares of SouthState Bank stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value 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. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO William E. V. Matthews sold 4,000 shares of the business's 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 directly owned 40,568 shares in the company, valued at $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 34,831 shares of company stock valued at $3,814,274. Company insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On SouthState Bank

Several institutional investors have recently added to or reduced their stakes in SSB. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of SouthState Bank during the 2nd quarter worth approximately $28,000. Root Financial Partners LLC increased its stake in shares of 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 in the last quarter. FNY Investment Advisers LLC acquired a new position in shares of SouthState Bank during the 2nd quarter valued at $50,000. Measured Wealth Private Client Group LLC acquired a new position in shares of SouthState Bank during the 3rd quarter valued at $51,000. Finally, GHP Investment Advisors Inc. bought a new position in SouthState Bank during the first quarter worth $52,000. 89.76% of the stock is owned by institutional investors and hedge funds.

About SouthState Bank

SouthState Bank NYSE: SSB is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.

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