SouthState (NASDAQ:SSB) Price Target Raised to $117.00 at Barclays

SouthState (NASDAQ:SSB - Free Report) had its target price lifted by Barclays from $115.00 to $117.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the bank's stock.

A number of other analysts have also weighed in on the stock. Keefe, Bruyette & Woods cut their target price on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. Raymond James Financial set a $110.00 target price on shares of SouthState in a research report on Monday, April 28th. Jefferies Financial Group initiated coverage on shares of SouthState in a research report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price on the stock. DA Davidson cut their target price on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Finally, Truist Financial initiated coverage on shares of SouthState in a research note on Tuesday, May 13th. They set a "buy" rating and a $106.00 price target for the company. One analyst has rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, SouthState has an average rating of "Buy" and a consensus price target of $116.45.

SouthState Stock Performance

Shares of NASDAQ:SSB traded down $0.30 on Tuesday, reaching $97.35. 398,971 shares of the company's stock were exchanged, compared to its average volume of 748,502. The company has a fifty day moving average of $90.13 and a 200-day moving average of $93.50. SouthState has a twelve month low of $77.74 and a twelve month high of $114.27. The company has a market capitalization of $9.88 billion, a price-to-earnings ratio of 14.00 and a beta of 0.77. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Announces Dividend

The company also recently announced 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. This represents a $2.16 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's dividend payout ratio is presently 34.12%.

Hedge Funds Weigh In On SouthState

A number of hedge funds have recently bought and sold shares of the company. Rise Advisors LLC bought a new stake in SouthState in the first quarter valued at $33,000. Summit Securities Group LLC acquired a new position in shares of SouthState during the fourth quarter valued at about $38,000. Aquatic Capital Management LLC purchased a new position in SouthState during the fourth quarter worth about $45,000. Flaharty Asset Management LLC purchased a new position in SouthState during the first quarter worth about $45,000. Finally, Quadrant Capital Group LLC boosted its holdings in SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after purchasing an additional 99 shares during 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.