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

SouthState Co. (NASDAQ:SSB - Get Free Report) has been given an average recommendation of "Moderate Buy" by the eight analysts that are covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $102.75.

SSB has been the topic of a number of recent analyst reports. Hovde Group increased their target price on SouthState from $97.00 to $112.00 and gave the company an "outperform" rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods increased their price objective on SouthState from $95.00 to $110.00 and gave the company an "outperform" rating in a research note on Monday, July 29th. Raymond James raised SouthState from a "market perform" rating to an "outperform" rating and set a $90.00 price objective for the company in a research note on Tuesday, May 21st. Piper Sandler raised their target price on SouthState from $95.00 to $98.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 29th. Finally, Truist Financial raised their target price on SouthState from $81.00 to $109.00 and gave the stock a "hold" rating in a research note on Monday, July 29th.

Hedge Funds Weigh In On SouthState

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in SouthState by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank's stock valued at $713,461,000 after acquiring an additional 54,147 shares during the period. Dimensional Fund Advisors LP boosted its holdings in SouthState by 12.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank's stock valued at $254,394,000 after acquiring an additional 371,987 shares during the period. Victory Capital Management Inc. boosted its holdings in SouthState by 1.6% during the 2nd quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank's stock valued at $214,157,000 after acquiring an additional 45,176 shares during the period. Franklin Resources Inc. boosted its holdings in SouthState by 26.8% during the 4th quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank's stock valued at $186,485,000 after acquiring an additional 466,144 shares during the period. Finally, American Century Companies Inc. boosted its holdings in SouthState by 2.4% during the 2nd quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank's stock valued at $128,831,000 after acquiring an additional 39,492 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Stock Performance

SouthState stock traded up $4.83 during mid-day trading on Friday, hitting $96.62. The company had a trading volume of 454,285 shares, compared to its average volume of 482,286. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12. SouthState has a 12-month low of $63.36 and a 12-month high of $101.32. The company's fifty day moving average is $85.29 and its 200-day moving average is $81.80. The company has a market capitalization of $7.36 billion, a price-to-earnings ratio of 15.76 and a beta of 0.68.

SouthState (NASDAQ:SSB - Get Free Report) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, topping the consensus estimate of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The business had revenue of $425.48 million for the quarter, compared to analyst estimates of $418.08 million. During the same quarter in the prior year, the firm posted $1.63 EPS. The business's quarterly revenue was down 3.1% compared to the same quarter last year. Equities research analysts predict that SouthState will post 6.64 EPS for the current year.

SouthState Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, August 9th. This is a boost from SouthState's previous quarterly dividend of $0.23. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.24%. SouthState's dividend payout ratio is currently 35.24%.

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.