SouthState Bank Corporation (NYSE:SSB) Given Consensus Recommendation of "Buy" by Analysts

Key Points

• Analysts have a consensus Buy on SouthState (15 analysts: 12 buy, 2 strong buy, 1 hold) with an average 1‑year price target of $119.07, and recent upgrades/target raises include Barclays to $126 and Citigroup to $120 (JPMorgan began coverage at overweight/$115).
• SouthState beat last quarter's estimates with EPS of $2.47 versus $2.30 expected and revenue of $686.9M versus $667.9M, reporting a 21.3% net margin and 10.9% return on equity.
• The bank pays a quarterly dividend of $0.60 ($2.40 annualized) for a 2.7% yield, trades around $89.49 with a market cap of $8.78B and a P/E of 11.4, and is roughly 89.8% owned by institutional investors and hedge funds.

SouthState Bank Corporation (NYSE:SSB - Get Free Report) has been assigned an average recommendation of "Buy" from the fifteen brokerages that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, twelve have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $119.0714.

SSB has been the subject of several recent research reports. Hovde Group raised shares of SouthState Bank from a "market perform" rating to an "outperform" rating and set a $110.00 price target for the company in a research note on Thursday. Barclays raised their price objective on SouthState Bank from $122.00 to $126.00 and gave the company an "overweight" rating in a research note on Monday, January 26th. Weiss Ratings upgraded SouthState Bank from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, January 26th. Citigroup boosted their target price on SouthState Bank from $116.00 to $120.00 and gave the company a "buy" rating in a research note on Monday, January 26th. Finally, JPMorgan Chase & Co. began coverage on SouthState Bank in a research report on Friday, December 12th. They set an "overweight" rating and a $115.00 price target on the stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Mather Group LLC. purchased a new stake in SouthState Bank during the 3rd quarter valued at $33,000. Steward Partners Investment Advisory LLC bought a new position in shares of SouthState Bank during the second quarter valued at about $34,000. Global Retirement Partners LLC raised its stake in shares of SouthState Bank by 106.8% during the third quarter. Global Retirement Partners LLC now owns 364 shares of the company's stock valued at $36,000 after acquiring an additional 188 shares during the last quarter. True Wealth Design LLC boosted its holdings in shares of SouthState Bank by 37,700.0% during the third quarter. True Wealth Design LLC now owns 378 shares of the company's stock worth $37,000 after purchasing an additional 377 shares during the period. Finally, Covestor Ltd boosted its holdings in shares of SouthState Bank by 385.1% during the third quarter. Covestor Ltd now owns 490 shares of the company's stock worth $49,000 after purchasing an additional 389 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Stock Up 0.3%

Shares of NYSE SSB opened at $89.49 on Monday. SouthState Bank has a one year low of $77.74 and a one year high of $108.46. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.93 and a quick ratio of 0.92. The firm's 50 day simple moving average is $99.36 and its two-hundred day simple moving average is $96.32. The stock has a market capitalization of $8.78 billion, a P/E ratio of 11.39 and a beta of 0.73.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, topping analysts' consensus estimates of $2.30 by $0.17. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. The firm had revenue of $686.87 million during the quarter, compared to analyst estimates of $667.88 million. During the same period in the previous year, the business posted $1.93 EPS.

SouthState Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, February 6th. SouthState Bank's dividend payout ratio is 30.53%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.