SouthState Bank Corporation (NYSE:SSB) Receives Consensus Rating of "Buy" from Analysts

Key Points

• Analysts give SouthState a consensus rating of Buy from 15 brokerages (12 buy, 2 strong buy, 1 hold), with an average 12‑month price target of about $118.71.
• The company recently beat estimates, reporting $2.47 EPS vs. $2.30 expected and $686.9M in revenue vs. $667.9M forecast, with a return on equity of 10.86% and a net margin of 21.26%.
• Shares opened at $97.35 with a market cap of $9.55B and a P/E of 12.39; SouthState pays a $0.60 quarterly dividend (annualized $2.40) for a ~2.5% yield and a 30.53% payout ratio.

SouthState Bank Corporation (NYSE:SSB - Get Free Report) has earned a consensus rating of "Buy" from the fifteen brokerages that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, twelve have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $118.7143.

A number of brokerages have recently commented on SSB. JPMorgan Chase & Co. cut their target price on shares of SouthState Bank from $120.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday, April 1st. Citigroup raised their price objective on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a "buy" rating in a research report on Monday, January 26th. TD Cowen lifted their price objective on shares of SouthState Bank from $115.00 to $120.00 and gave the company a "buy" rating in a research note on Monday, January 26th. Weiss Ratings raised shares of SouthState Bank from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, January 26th. Finally, Jefferies Financial Group raised their price target on SouthState Bank from $120.00 to $125.00 and gave the stock a "buy" rating in a report on Monday, February 2nd.

SouthState Bank Stock Down 0.6%

SouthState Bank stock opened at $97.35 on Friday. The company has a market capitalization of $9.55 billion, a P/E ratio of 12.39 and a beta of 0.75. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.93. SouthState Bank has a fifty-two week low of $82.60 and a fifty-two week high of $108.46. The stock has a 50-day simple moving average of $96.97 and a 200-day simple moving average of $95.46.

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

SouthState Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, February 6th. SouthState Bank's dividend payout ratio (DPR) is 30.53%.

Institutional Investors Weigh In On SouthState Bank

Hedge funds have recently modified their holdings of the stock. Mather Group LLC. purchased a new position in SouthState Bank during the 3rd quarter worth $33,000. Global Retirement Partners LLC boosted its holdings in shares of SouthState Bank by 106.8% in 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 in the last quarter. True Wealth Design LLC increased its stake 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 acquiring an additional 377 shares during the period. Covestor Ltd increased its stake 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 acquiring an additional 389 shares during the period. Finally, Measured Wealth Private Client Group LLC purchased a new position in SouthState Bank during the third quarter worth about $51,000. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Bank Company Profile

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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