Stephens Reaffirms Equal Weight Rating for SouthState (NASDAQ:SSB)

Stephens reaffirmed their equal weight rating on shares of SouthState (NASDAQ:SSB) in a research note issued to investors on Thursday morning, Benzinga reports. Stephens currently has a $88.00 price target on the bank’s stock.

Several other equities research analysts have also commented on the stock. Keefe, Bruyette & Woods boosted their target price on shares of SouthState from $92.00 to $95.00 and gave the stock an outperform rating in a research report on Tuesday, May 28th. Raymond James upgraded shares of SouthState from a market perform rating to an outperform rating and set a $90.00 target price on the stock in a research report on Tuesday, May 21st. Piper Sandler lifted their price target on shares of SouthState from $95.00 to $98.00 and gave the company an overweight rating in a research report on Wednesday, May 29th. Finally, Truist Financial decreased their price target on SouthState from $84.00 to $81.00 and set a hold rating on the stock in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and an average price target of $92.00.

SouthState Trading Up 6.1 %

NASDAQ SSB opened at $97.29 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $7.41 billion, a P/E ratio of 13.77 and a beta of 0.68. SouthState has a 52-week low of $63.36 and a 52-week high of $97.83. The firm has a 50-day moving average price of $78.14 and a 200 day moving average price of $80.22.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.25. The company had revenue of $425.48 million for the quarter, compared to analysts’ expectations of $418.08 million. SouthState had a return on equity of 9.40% and a net margin of 20.84%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.63 EPS. Equities research analysts expect that SouthState will post 6.33 EPS for the current year.

SouthState Increases Dividend

The firm also recently declared a dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, August 9th will be issued a $0.54 dividend. The ex-dividend date is Friday, August 9th. This is an increase from SouthState’s previous dividend of $0.23. SouthState’s dividend payout ratio is 33.93%.

Institutional Investors Weigh In On SouthState

Institutional investors and hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC increased its position in SouthState by 544.0% during the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after buying an additional 272 shares in the last quarter. Fidelis Capital Partners LLC purchased a new position in SouthState in the 1st quarter valued at about $30,000. TFO Wealth Partners LLC boosted its stake in shares of SouthState by 13,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after purchasing an additional 402 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after buying an additional 333 shares in the last quarter. Finally, International Assets Investment Management LLC raised its position in shares of SouthState by 8,346.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock valued at $107,000 after buying an additional 1,252 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

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.