SouthState Co. (NASDAQ:SSB) Given Consensus Recommendation of “Buy” by Brokerages

Shares of SouthState Co. (NASDAQ:SSB) have received an average recommendation of “Buy” from the eleven research firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation, eight have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $116.27.

Several research firms recently issued reports on SSB. Jefferies Financial Group started 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. 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. Barclays reduced their target price on SouthState from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Truist Financial began coverage on SouthState in a report on Tuesday, May 13th. They issued a “buy” rating and a $106.00 target price on the stock. Finally, DA Davidson reduced their target price on SouthState from $125.00 to $115.00 and set a “buy” rating on the stock in a report on Monday, April 28th.

SouthState Stock Down 0.9%

Shares of NASDAQ:SSB opened at $88.86 on Friday. The stock’s 50-day moving average price is $88.28 and its two-hundred day moving average price is $94.26. 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 has a 12-month low of $72.74 and a 12-month high of $114.27. The firm has a market cap of $9.02 billion, a price-to-earnings ratio of 12.77 and a beta of 0.77.

SouthState Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend was Friday, May 9th. SouthState’s dividend payout ratio is presently 34.12%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC raised its holdings in shares of SouthState by 38.8% during the 4th quarter. Sanctuary Advisors LLC now owns 3,782 shares of the bank’s stock valued at $401,000 after buying an additional 1,057 shares during the period. CIBC Asset Management Inc raised its stake in shares of SouthState by 5.7% during the fourth quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank’s stock valued at $231,000 after purchasing an additional 126 shares during the period. Handelsbanken Fonder AB raised its stake in shares of SouthState by 13.8% during the fourth quarter. Handelsbanken Fonder AB now owns 18,958 shares of the bank’s stock valued at $1,886,000 after purchasing an additional 2,300 shares during the period. Bank of New York Mellon Corp raised its stake in shares of SouthState by 4.7% during the fourth quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank’s stock valued at $83,812,000 after purchasing an additional 37,796 shares during the period. Finally, FourThought Financial Partners LLC purchased a new stake in shares of SouthState during the fourth quarter valued at approximately $289,000. Institutional investors and hedge funds 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.