SouthState Co. (NASDAQ:SSB) Receives Consensus Rating of "Buy" from Analysts

Shares of SouthState Co. (NASDAQ:SSB - Get Free Report) have received a consensus rating of "Buy" from the eleven research firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, eight have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $116.45.

A number of research analysts have issued reports on SSB shares. Raymond James Financial set a $110.00 price target on SouthState in a report on Monday, April 28th. Barclays increased their price objective on SouthState from $115.00 to $117.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Jefferies Financial Group started coverage on SouthState in a report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price for the company. DA Davidson dropped their target price on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 28th. Finally, Stephens restated an "overweight" rating and issued a $119.00 target price on shares of SouthState in a report on Monday, April 28th.

SouthState Price Performance

Shares of SSB stock traded up $0.12 on Wednesday, reaching $97.71. The company's stock had a trading volume of 538,885 shares, compared to its average volume of 748,926. The stock's fifty day simple moving average is $91.11 and its 200-day simple moving average is $93.34. SouthState has a 1 year low of $77.74 and a 1 year high of $114.27. 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 company has a market capitalization of $9.92 billion, a price-to-earnings ratio of 14.04 and a beta of 0.77.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.21%. SouthState's dividend payout ratio is presently 34.12%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SSB. Raymond James Financial Inc. acquired a new stake in shares of SouthState in the 4th quarter valued at approximately $5,682,000. HighTower Advisors LLC lifted its holdings in shares of SouthState by 33.4% in the 4th quarter. HighTower Advisors LLC now owns 14,877 shares of the bank's stock valued at $1,480,000 after buying an additional 3,724 shares during the period. Swiss National Bank raised its holdings in SouthState by 0.7% during the fourth quarter. Swiss National Bank now owns 149,937 shares of the bank's stock worth $14,916,000 after purchasing an additional 1,100 shares during the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new position in SouthState during the fourth quarter worth $699,000. Finally, Commonwealth Equity Services LLC raised its holdings in SouthState by 1.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock worth $949,000 after purchasing an additional 112 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

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.