Stephens Reaffirms "Overweight" Rating for SouthState (NASDAQ:SSB)

Stephens reissued their overweight rating on shares of SouthState (NASDAQ:SSB - Free Report) in a research report released on Thursday,Benzinga reports. Stephens currently has a $130.00 target price on the bank's stock.

Other analysts also recently issued research reports about the stock. UBS Group began coverage on shares of SouthState in a report on Tuesday, December 17th. They set a "buy" rating and a $132.00 price objective on the stock. Truist Financial decreased their price target on SouthState from $111.00 to $103.00 and set a "hold" rating on the stock in a research note on Monday, October 28th. Citigroup initiated coverage on SouthState in a report on Thursday, October 10th. They set a "neutral" rating and a $102.00 price objective for the company. Piper Sandler upped their target price on SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Finally, Hovde Group downgraded SouthState from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, SouthState presently has an average rating of "Moderate Buy" and a consensus target price of $112.56.

SouthState Stock Performance

Shares of NASDAQ:SSB traded down $2.48 during midday trading on Thursday, hitting $97.00. The stock had a trading volume of 4,799,779 shares, compared to its average volume of 498,319. The company has a market capitalization of $7.40 billion, a PE ratio of 14.97 and a beta of 0.69. SouthState has a 1 year low of $70.68 and a 1 year high of $114.26. The stock has a 50 day moving average price of $104.95 and a two-hundred day moving average price of $95.61. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.64 by $0.26. The business had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company's revenue for the quarter was down .4% on a year-over-year basis. During the same period in the prior year, the business posted $1.62 EPS. As a group, equities analysts predict that SouthState will post 6.94 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.23%. SouthState's payout ratio is currently 33.33%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BIP Wealth LLC increased its position in shares of SouthState by 605.2% in the third quarter. BIP Wealth LLC now owns 31,422 shares of the bank's stock worth $3,054,000 after acquiring an additional 26,966 shares in the last quarter. Stifel Financial Corp grew its stake in shares of SouthState by 10.5% in the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank's stock valued at $6,178,000 after buying an additional 6,062 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in SouthState by 3.7% in the 3rd quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank's stock worth $69,178,000 after acquiring an additional 25,495 shares during the period. HighTower Advisors LLC grew its position in SouthState by 7.6% in the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank's stock valued at $1,083,000 after acquiring an additional 787 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of SouthState during the third quarter valued at approximately $265,000. Institutional investors and hedge funds 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.