SouthState (NASDAQ:SSB) Upgraded by Citigroup to "Buy" Rating

Citigroup upgraded shares of SouthState (NASDAQ:SSB - Free Report) from a neutral rating to a buy rating in a report issued on Monday morning, MarketBeat reports. Citigroup currently has $128.00 target price on the bank's stock, up from their prior target price of $106.00.

A number of other equities research analysts have also commented on the stock. Piper Sandler increased their price target on shares of SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. Truist Financial dropped their target price on shares of SouthState from $111.00 to $103.00 and set a "hold" rating for the company in a report on Monday, October 28th. Hovde Group downgraded SouthState from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Stephens reiterated an "overweight" rating and issued a $130.00 price objective on shares of SouthState in a report on Friday. Finally, Keefe, Bruyette & Woods reissued an "outperform" rating and set a $120.00 target price (up from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $115.44.

SouthState Trading Up 1.9 %

SouthState stock traded up $1.96 during mid-day trading on Monday, hitting $105.63. The company's stock had a trading volume of 605,962 shares, compared to its average volume of 1,177,182. The business has a 50 day moving average price of $103.32 and a 200-day moving average price of $98.51. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. SouthState has a 12 month low of $70.68 and a 12 month high of $114.26. The stock has a market cap of $8.06 billion, a price-to-earnings ratio of 16.30 and a beta of 0.70.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, February 7th will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend is Friday, February 7th. SouthState's dividend payout ratio is currently 33.33%.

Institutional Investors Weigh In On SouthState

Several hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC increased its stake in SouthState by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank's stock valued at $176,931,000 after purchasing an additional 31,340 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of SouthState by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank's stock valued at $95,999,000 after acquiring an additional 72,181 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of SouthState by 4.9% during the third quarter. The Manufacturers Life Insurance Company now owns 731,802 shares of the bank's stock valued at $71,117,000 after acquiring an additional 34,194 shares in the last quarter. Fisher Asset Management LLC lifted its position in SouthState by 3.7% in the 3rd quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank's stock valued at $69,178,000 after acquiring an additional 25,495 shares in the last quarter. Finally, Segall Bryant & Hamill LLC boosted its stake in SouthState by 3.8% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 622,084 shares of the bank's stock valued at $60,454,000 after purchasing an additional 22,855 shares during the last quarter. Institutional investors own 89.76% of the company's stock.

SouthState Company Profile

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.