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

SouthState (NASDAQ:SSB - Free Report) had its target price increased by Barclays from $115.00 to $117.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have an overweight rating on the bank's stock.

Several other research analysts also recently commented on SSB. Truist Financial began coverage on SouthState in a research note on Tuesday, May 13th. They issued a "buy" rating and a $106.00 target price for the company. Raymond James Financial set a $110.00 price objective on shares of SouthState in a research note on Monday, April 28th. Jefferies Financial Group initiated coverage on shares of SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price on the stock. Stephens restated an "overweight" rating and set a $119.00 price target on shares of SouthState in a research report on Monday, April 28th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. 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 to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $116.45.

SouthState Stock Performance

SouthState stock traded up $0.33 during midday trading on Tuesday, reaching $97.73. The stock had a trading volume of 624,386 shares, compared to its average volume of 749,706. The firm has a market capitalization of $9.92 billion, a PE ratio of 14.04 and a beta of 0.77. SouthState has a 12 month low of $77.74 and a 12 month high of $114.27. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm's 50-day moving average price is $90.13 and its 200 day moving average price is $93.50.

SouthState Dividend Announcement

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

Hedge Funds Weigh In On SouthState

Institutional investors have recently modified their holdings of the company. Rise Advisors LLC purchased a new stake in SouthState in the first quarter worth approximately $33,000. Summit Securities Group LLC bought a new stake in SouthState in the fourth quarter valued at approximately $38,000. Aquatic Capital Management LLC purchased a new stake in SouthState during the 4th quarter valued at $45,000. Flaharty Asset Management LLC purchased a new position in SouthState during the 1st quarter valued at about $45,000. Finally, Quadrant Capital Group LLC lifted its stake in SouthState by 24.2% in the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after acquiring an additional 99 shares during the period. 89.76% of the stock is currently owned by 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.