SouthState Bank Corporation (SSB) – What Are Brokerages Saying About This Stock?

SouthState Bank Corporation (NYSE:SSB) has been given a consensus rating of “Buy” by the thirteen research firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $118.54.

Several brokerages recently issued reports on SSB. UBS Group downgraded SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price on the stock. in a research note on Tuesday, July 7th. Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a research note on Saturday, October 3rd. JPMorgan Chase & Co. dropped their price target on SouthState Bank from $125.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, October 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of SouthState Bank in a report on Monday. Finally, Piper Sandler increased their price objective on shares of SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 27th.

Insiders Place Their Bets

In related news, CFO William E. V. Matthews sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the transaction, the chief financial officer owned 40,568 shares in the company, valued at approximately $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Brooks sold 24,650 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the transaction, the director directly owned 7,900 shares of the company’s stock, valued at $869,000. The trade was a 75.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 34,831 shares of company stock valued at $3,814,274. 1.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SSB. BlackRock Inc. purchased a new stake in shares of SouthState Bank in the second quarter worth about $981,557,000. Bank of New York Mellon Corp bought a new position in SouthState Bank during the second quarter valued at approximately $130,419,000. The Manufacturers Life Insurance Company purchased a new position in SouthState Bank during the 2nd quarter valued at approximately $85,467,000. Bank of America Corp DE purchased a new position in SouthState Bank during the 2nd quarter valued at approximately $59,792,000. Finally, Algebris UK Ltd. purchased a new position in SouthState Bank during the 2nd quarter valued at approximately $57,293,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Bank Trading Up 2.2%

Shares of SSB stock opened at $101.38 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. The stock has a fifty day simple moving average of $104.74 and a two-hundred day simple moving average of $100.50. The firm has a market capitalization of $9.83 billion, a PE ratio of 10.66 and a beta of 0.78. SouthState Bank has a 52-week low of $84.47 and a 52-week high of $112.20.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. The business had revenue of $672.67 million for the quarter, compared to the consensus estimate of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%. During the same period in the previous year, the business earned $2.30 earnings per share. On average, analysts predict that SouthState Bank will post 9.47 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were issued a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 2.6%. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Friday, August 7th. SouthState Bank’s payout ratio is presently 27.76%.

About SouthState Bank

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial products and services to individuals, businesses, institutions and municipalities, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, and lines of credit.

Its business also includes commercial banking, treasury and cash-management services, equipment financing, small-business lending, and wealth-management and trust services.