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

SouthState Co. (NASDAQ:SSB) announced a dividend on Wednesday, July 24th, NASDAQ reports. Shareholders of record on Friday, August 9th will be given 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 raised its dividend by an average of 2.8% per year over the last three years and has increased its dividend annually for the last 12 consecutive years.

SouthState Stock Performance

Shares of SSB stock traded up $5.58 on Thursday, reaching $97.29. The stock had a trading volume of 1,306,984 shares, compared to its average volume of 478,526. The stock has a market cap of $7.41 billion, a P/E ratio of 15.88 and a beta of 0.68. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.89 and a current ratio of 0.90. SouthState has a 1 year low of $63.36 and a 1 year high of $97.83. The company has a 50 day simple moving average of $78.14 and a 200 day simple moving average of $80.22.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. The business had revenue of $425.48 million during 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 business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.63 EPS. Equities research analysts expect that SouthState will post 6.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SSB. Stephens reissued an “equal weight” rating and set a $88.00 price objective on shares of SouthState in a research report on Thursday. Piper Sandler upped their price target on SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 29th. Raymond James raised SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price objective on the stock in a research report on Tuesday, May 21st. Truist Financial cut their price objective on SouthState from $84.00 to $81.00 and set a “hold” rating for the company in a research note on Monday, July 8th. Finally, Keefe, Bruyette & Woods raised their target price on shares of SouthState from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, SouthState has a consensus rating of “Hold” and an average target price of $92.00.

About SouthState

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.