SouthState Co. (NASDAQ:SSB) Receives Consensus Recommendation of “Buy” from Brokerages

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

Several equities research analysts have issued reports on SSB shares. Barclays dropped their price objective on SouthState from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. DA Davidson dropped their price target on shares of SouthState from $125.00 to $115.00 and set a “buy” rating for the company in a research note on Monday, April 28th. Raymond James Financial set a $110.00 price target on shares of SouthState in a research note on Monday, April 28th. Stephens restated an “overweight” rating and issued a $119.00 price target on shares of SouthState in a research note on Monday, April 28th. Finally, Jefferies Financial Group assumed coverage on shares of SouthState in a research report on Wednesday, May 21st. They issued a “buy” rating and a $110.00 target price for the company.

SouthState Stock Down 0.9%

Shares of NASDAQ SSB opened at $88.86 on Friday. SouthState has a 1 year low of $72.74 and a 1 year 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. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The stock’s 50-day simple moving average is $88.28 and its 200-day simple moving average is $94.26.

SouthState Dividend Announcement

The firm also recently announced 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. The ex-dividend date was Friday, May 9th. This represents a $2.16 annualized dividend and a yield of 2.43%. SouthState’s payout ratio is 34.12%.

Institutional Trading of SouthState

Several institutional investors have recently added to or reduced their stakes in the business. Rise Advisors LLC bought a new position in shares of SouthState during the first quarter valued at approximately $33,000. Summit Securities Group LLC bought a new position in SouthState during the 4th quarter worth $38,000. Aquatic Capital Management LLC bought a new position in SouthState during the 4th quarter worth $45,000. Flaharty Asset Management LLC bought a new position in shares of SouthState during the first quarter worth about $45,000. Finally, Quadrant Capital Group LLC grew its position in shares of SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock worth $51,000 after acquiring an additional 99 shares during the last quarter. Institutional investors 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.