SouthState Co. (NASDAQ:SSB) to Issue $0.54 Quarterly Dividend

SouthState Co. (NASDAQ:SSB) announced a quarterly dividend on Thursday, January 23rd,RTT News reports. Investors of record on Friday, February 7th will be given a dividend of 0.54 per share by the bank on Friday, February 14th. This represents a $2.16 annualized dividend and a dividend yield of 2.19%.

SouthState has increased its dividend payment by an average of 2.8% per year over the last three years and has increased its dividend every year for the last 13 years.

SouthState Stock Performance

Shares of NASDAQ SSB traded down $0.69 during mid-day trading on Thursday, hitting $98.78. The company had a trading volume of 1,011,167 shares, compared to its average volume of 1,195,969. The firm’s 50 day simple moving average is $103.53 and its two-hundred day simple moving average is $98.01. The stock has a market cap of $7.54 billion, a price-to-earnings ratio of 15.24 and a beta of 0.70. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. SouthState has a 12 month low of $70.68 and a 12 month high of $114.26.

SouthState (NASDAQ:SSB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The company had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. During the same period in the prior year, the business posted $1.62 EPS. The business’s revenue for the quarter was down .4% compared to the same quarter last year. As a group, equities research analysts forecast that SouthState will post 6.99 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SSB shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 target price (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Citigroup initiated coverage on SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price for the company. UBS Group began coverage on shares of SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 target price for the company. Finally, Piper Sandler boosted their price target on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $112.56.

SouthState Company Profile

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.