SouthState (NASDAQ:SSB) Earns Buy Rating from Analysts at UBS Group

UBS Group assumed coverage on shares of SouthState (NASDAQ:SSB) in a research report released on Tuesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $132.00 target price on the bank’s stock.

SSB has been the subject of several other reports. Stephens upgraded SouthState from an “equal weight” rating to an “overweight” rating in a report on Monday, December 9th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 price target (up from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Piper Sandler boosted their price target on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Citigroup assumed coverage on shares of SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective on the stock. Finally, Hovde Group cut shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, SouthState has an average rating of “Moderate Buy” and a consensus price target of $109.78.

SouthState Trading Down 1.7 %

NASDAQ:SSB opened at $98.93 on Tuesday. The stock has a market cap of $7.55 billion, a PE ratio of 15.27 and a beta of 0.69. SouthState has a fifty-two week low of $70.68 and a fifty-two week high of $114.26. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. The stock’s 50-day moving average is $104.73 and its two-hundred day moving average is $93.73.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating 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 firm had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. During the same period in the previous year, the firm posted $1.62 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. As a group, equities research analysts forecast that SouthState will post 6.94 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.18%. The ex-dividend date was Friday, November 8th. SouthState’s dividend payout ratio is currently 33.33%.

Institutional Investors Weigh In On SouthState

Several hedge funds and other institutional investors have recently modified their holdings of SSB. Stifel Financial Corp lifted its position in shares of SouthState by 10.5% in the 3rd quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock worth $6,178,000 after acquiring an additional 6,062 shares during the period. Fisher Asset Management LLC lifted its position in shares of SouthState by 3.7% during the 3rd quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after buying an additional 25,495 shares during the period. BIP Wealth LLC boosted its stake in SouthState by 605.2% in the 3rd quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock valued at $3,054,000 after buying an additional 26,966 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in SouthState by 14.4% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 123,482 shares of the bank’s stock valued at $9,437,000 after acquiring an additional 15,500 shares during the period. Finally, HighTower Advisors LLC boosted its stake in shares of SouthState by 7.6% in the 3rd quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock valued at $1,083,000 after purchasing an additional 787 shares in the last quarter. Institutional investors and hedge funds 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.