Stephens Cuts SouthState Bank (NYSE:SSB) Price Target to $110.00

SouthState Bank (NYSE:SSB) had its price objective trimmed by Stephens from $115.00 to $110.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages also recently issued reports on SSB. Piper Sandler reduced their price objective on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research note on Monday. TD Cowen began coverage on SouthState Bank in a research note on Thursday, September 25th. They issued a “buy” rating and a $127.00 price objective for the company. Wall Street Zen raised SouthState Bank from a “sell” rating to a “hold” rating in a research note on Sunday, July 27th. National Bankshares set a $127.00 price objective on SouthState Bank in a research note on Wednesday, September 24th. Finally, Hovde Group upped their target price on SouthState Bank from $97.00 to $105.00 and gave the stock a “market perform” rating in a research report on Friday, July 25th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $115.85.

SouthState Bank Trading Down 1.7%

Shares of SouthState Bank stock opened at $88.23 on Monday. The business has a 50-day simple moving average of $98.53. The stock has a market cap of $8.93 billion, a P/E ratio of 12.14 and a beta of 0.68. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.93. SouthState Bank has a 1 year low of $77.74 and a 1 year high of $114.26.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.38. The firm had revenue of $698.78 million during the quarter, compared to the consensus estimate of $660.41 million. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.During the same period in the prior year, the business earned $1.90 EPS.

SouthState Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, November 7th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Friday, November 7th. SouthState Bank’s dividend payout ratio is presently 33.01%.

Insider Activity

In other news, Director G Stacy Smith bought 2,500 shares of the company’s stock in a transaction on Friday, August 1st. The shares were bought at an average cost of $92.30 per share, with a total value of $230,750.00. Following the transaction, the director directly owned 39,546 shares in the company, valued at approximately $3,650,095.80. This trade represents a 6.75% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Daniel E. Bockhorst sold 5,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $99.60, for a total value of $498,000.00. Following the completion of the transaction, the insider directly owned 31,785 shares in the company, valued at approximately $3,165,786. The trade was a 13.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SSB. GAMMA Investing LLC increased its holdings in shares of SouthState Bank by 68.1% during the 1st quarter. GAMMA Investing LLC now owns 1,172 shares of the company’s stock valued at $109,000 after acquiring an additional 475 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in shares of SouthState Bank by 153.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,229 shares of the company’s stock valued at $949,000 after acquiring an additional 6,196 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of SouthState Bank by 158.1% during the 1st quarter. Sequoia Financial Advisors LLC now owns 8,306 shares of the company’s stock valued at $771,000 after acquiring an additional 5,088 shares during the last quarter. KBC Group NV increased its holdings in shares of SouthState Bank by 40.0% during the 1st quarter. KBC Group NV now owns 4,348 shares of the company’s stock valued at $404,000 after acquiring an additional 1,242 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in shares of SouthState Bank by 23.7% during the 1st quarter. Amalgamated Bank now owns 43,201 shares of the company’s stock valued at $4,010,000 after acquiring an additional 8,269 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

About SouthState Bank

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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.