SouthState’s (SSB) “Overweight” Rating Reiterated at Stephens

Stephens restated their overweight rating on shares of SouthState (NASDAQ:SSB) in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a $130.00 target price on the bank’s stock.

Other research analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. UBS Group began coverage on SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Citigroup initiated coverage on shares of SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price on the stock. Finally, Truist Financial dropped their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $112.56.

SouthState Price Performance

SouthState stock opened at $103.29 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $7.88 billion, a P/E ratio of 15.94 and a beta of 0.70. The firm has a fifty day moving average of $103.32 and a 200-day moving average of $98.51. SouthState has a 52-week low of $70.68 and a 52-week high of $114.26.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, February 7th will be given a dividend of $0.54 per share. The ex-dividend date is Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.09%. SouthState’s payout ratio is 33.33%.

Institutional Trading of SouthState

Several hedge funds and other institutional investors have recently bought and sold shares of SSB. Caprock Group LLC increased its holdings in shares of SouthState by 5.8% in the 4th quarter. Caprock Group LLC now owns 2,567 shares of the bank’s stock valued at $255,000 after acquiring an additional 140 shares during the last quarter. Perigon Wealth Management LLC acquired a new stake in shares of SouthState during the fourth quarter worth $233,000. Pacer Advisors Inc. lifted its position in shares of SouthState by 1.9% in the 4th quarter. Pacer Advisors Inc. now owns 11,371 shares of the bank’s stock worth $1,131,000 after buying an additional 207 shares during the last quarter. KBC Group NV boosted its holdings in shares of SouthState by 35.3% in the 4th quarter. KBC Group NV now owns 3,106 shares of the bank’s stock valued at $309,000 after buying an additional 810 shares during the period. Finally, Blue Trust Inc. grew its position in shares of SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock valued at $113,000 after buying an additional 167 shares during the last quarter. 89.76% of the stock is owned by institutional investors.

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.