SouthState Bank (NYSE:SSB) Reaches New 1-Year High After Analyst Upgrade

SouthState Bank Corporation (NYSE:SSB) shares hit a new 52-week high during trading on Friday after DA Davidson raised their price target on the stock from $119.00 to $125.00. DA Davidson currently has a buy rating on the stock. SouthState Bank traded as high as $107.42 and last traded at $107.5090, with a volume of 17784 shares. The stock had previously closed at $106.56.

Several other equities analysts also recently commented on SSB. Raymond James Financial increased their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 7th. TD Cowen increased their price target on SouthState Bank from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, January 26th. UBS Group reduced their price objective on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Barclays raised their target price on shares of SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Finally, Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, SouthState Bank has a consensus rating of “Buy” and a consensus target price of $118.71.

Institutional Investors Weigh In On SouthState Bank

Several hedge funds have recently made changes to their positions in the stock. Fort Washington Investment Advisors Inc. OH raised its holdings in SouthState Bank by 52.6% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock valued at $24,723,000 after acquiring an additional 86,234 shares in the last quarter. CWM LLC raised its stake in shares of SouthState Bank by 689.1% in the third quarter. CWM LLC now owns 91,288 shares of the company’s stock valued at $9,026,000 after purchasing an additional 79,719 shares in the last quarter. HBK Sorce Advisory LLC lifted its position in SouthState Bank by 100.1% in the third quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company’s stock worth $3,192,000 after purchasing an additional 16,482 shares during the period. Signaturefd LLC boosted its stake in SouthState Bank by 101.0% during the third quarter. Signaturefd LLC now owns 25,068 shares of the company’s stock worth $2,478,000 after buying an additional 12,597 shares in the last quarter. Finally, Merit Financial Group LLC acquired a new stake in SouthState Bank during the third quarter worth $1,190,000. Institutional investors own 89.76% of the company’s stock.

SouthState Bank Trading Up 1.4%

The firm has a market capitalization of $10.86 billion, a PE ratio of 13.73 and a beta of 0.74. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.93. The stock’s fifty day simple moving average is $97.03.

SouthState Bank (NYSE:SSB) last posted its earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.30 by $0.17. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. The business had revenue of $686.87 million for the quarter, compared to analysts’ expectations of $667.88 million. During the same quarter in the previous year, the firm posted $1.93 earnings per share.

SouthState Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, February 6th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.2%. SouthState Bank’s dividend payout ratio is presently 30.53%.

SouthState Bank Company Profile

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.