SouthState Co. (NASDAQ:SSB) Increases Dividend to $0.60 Per Share

Key Points

• SouthState Co. has increased its quarterly dividend to $0.60 per share, an 11.1% rise from the previous dividend of $0.54, with a dividend yield of 2.44%.
• The bank reported earnings of $2.30 per share for the last quarter, exceeding analyst expectations of $1.98, alongside revenue of $840.50 million.
• Analysts have a generally positive outlook on the stock, with a consensus average price target of $115.82 and several firms issuing "buy" ratings.

SouthState Co. (NASDAQ:SSB - Get Free Report) announced a quarterly dividend on Friday, July 25th, Wall Street Journal reports. Shareholders of record on Friday, August 8th will be paid a dividend of 0.60 per share by the bank on Friday, August 15th. This represents a $2.40 annualized dividend and a yield of 2.44%. The ex-dividend date is Friday, August 8th. This is a 11.1% increase from SouthState's previous quarterly dividend of $0.54.

SouthState Stock Performance

Shares of SSB traded up $0.63 during mid-day trading on Friday, hitting $98.53. 1,986,816 shares of the company's stock were exchanged, compared to its average volume of 942,877. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState has a 52 week low of $77.74 and a 52 week high of $114.26. The stock's 50-day simple moving average is $91.60 and its 200-day simple moving average is $93.34. The firm has a market cap of $10.00 billion, a price-to-earnings ratio of 14.16 and a beta of 0.77.

SouthState (NASDAQ:SSB - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $2.30 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.32. SouthState had a net margin of 22.38% and a return on equity of 9.62%. The business had revenue of $840.50 million during the quarter, compared to analysts' expectations of $645.12 million. During the same quarter in the prior year, the business posted $1.74 earnings per share. On average, equities research analysts expect that SouthState will post 8.12 EPS for the current year.

Wall Street Analysts Forecast Growth

SSB has been the topic of several recent research reports. Hovde Group raised their price objective on SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a report on Friday. Stephens reissued an "overweight" rating and set a $119.00 price target on shares of SouthState in a research note on Monday, April 28th. Raymond James Financial set a $110.00 price objective on SouthState in a research note on Monday, April 28th. Truist Financial assumed coverage on shares of SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price on the stock. Finally, Keefe, Bruyette & Woods decreased their price target on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $115.82.

Institutional Trading of SouthState

An institutional investor recently raised its position in SouthState stock. Jane Street Group LLC lifted its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 4.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 82,984 shares of the bank's stock after acquiring an additional 3,678 shares during the quarter. Jane Street Group LLC owned approximately 0.08% of SouthState worth $7,703,000 at the end of the most recent quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

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.

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