SouthState Co. (NASDAQ:SSB) Receives $116.27 Average PT from Analysts

Shares of SouthState Co. (NASDAQ:SSB - Get Free Report) have been given a consensus rating of "Buy" by the eleven research firms that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $116.27.

SSB has been the topic of a number of recent research reports. Truist Financial started coverage on shares of SouthState in a research note on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price objective on the stock. DA Davidson reduced their price target on SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Stephens reiterated an "overweight" rating and issued a $119.00 price objective on shares of SouthState in a report on Monday, April 28th. Jefferies Financial Group began coverage on SouthState in a report on Wednesday, May 21st. They set a "buy" rating and a $110.00 target price on the stock. Finally, Raymond James Financial set a $110.00 price target on SouthState in a research note on Monday, April 28th.

SouthState Price Performance

Shares of SouthState stock traded up $1.53 during midday trading on Friday, reaching $89.74. The company had a trading volume of 806,723 shares, compared to its average volume of 670,366. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock has a fifty day simple moving average of $88.07 and a 200 day simple moving average of $94.32. SouthState has a 1-year low of $72.74 and a 1-year high of $114.27. The company has a market capitalization of $9.11 billion, a price-to-earnings ratio of 12.89 and a beta of 0.77.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date was Friday, May 9th. SouthState's payout ratio is presently 34.12%.

Institutional Investors Weigh In On SouthState

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of SouthState by 31.2% in the first quarter. Vanguard Group Inc. now owns 11,079,578 shares of the bank's stock valued at $1,028,406,000 after purchasing an additional 2,637,786 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in SouthState by 34.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the bank's stock valued at $422,915,000 after buying an additional 1,164,348 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in SouthState by 0.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,479,298 shares of the bank's stock worth $322,949,000 after buying an additional 11,728 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of SouthState by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock worth $192,531,000 after buying an additional 93,312 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of SouthState by 14.4% in the 1st quarter. American Century Companies Inc. now owns 1,769,537 shares of the bank's stock valued at $164,249,000 after acquiring an additional 222,818 shares in the last quarter. Institutional investors own 89.76% of the company's stock.

About SouthState

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.