SouthState Co. (NASDAQ:SSB) Raises Dividend to $0.54 Per Share

SouthState Co. (NASDAQ:SSB) declared a dividend on Wednesday, July 24th, NASDAQ reports. Investors of record on Friday, August 9th will be paid a dividend of 0.54 per share by the bank on Friday, August 16th. The ex-dividend date is Friday, August 9th. This is an increase from SouthState’s previous dividend of $0.23.

SouthState has increased its dividend by an average of 2.8% annually over the last three years and has raised its dividend every year for the last 12 years.

SouthState Stock Up 6.1 %

SSB traded up $5.58 during midday trading on Thursday, reaching $97.29. The company’s stock had a trading volume of 1,306,984 shares, compared to its average volume of 478,526. SouthState has a 1 year low of $63.36 and a 1 year high of $97.83. The stock’s 50-day moving average is $78.14 and its 200-day moving average is $80.22. The firm has a market capitalization of $7.41 billion, a price-to-earnings ratio of 15.88 and a beta of 0.68. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.05.

SouthState (NASDAQ:SSB) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share 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 the consensus estimate of $418.08 million. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.63 EPS. As a group, research analysts expect that SouthState will post 6.33 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SSB shares. Raymond James upgraded shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price objective for the company in a research note on Tuesday, May 21st. Piper Sandler increased their target price on SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. Keefe, Bruyette & Woods boosted their price target on SouthState from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 28th. Truist Financial dropped their price objective on SouthState from $84.00 to $81.00 and set a “hold” rating on the stock in a research report on Monday, July 8th. Finally, Stephens reissued an “equal weight” rating and issued a $88.00 target price on shares of SouthState in a research report on Thursday. 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $92.00.

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.