SouthState Co. (NASDAQ:SSB) to Issue $0.54 Quarterly Dividend

SouthState Co. (NASDAQ:SSB) announced a quarterly dividend on Thursday, January 23rd,RTT News reports. Stockholders of record on Friday, February 7th will be given a dividend of 0.54 per share by the bank on Friday, February 14th. This represents a $2.16 annualized dividend and a dividend yield of 2.19%.

SouthState has raised its dividend payment by an average of 2.8% per year over the last three years and has increased its dividend every year for the last 13 years.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $98.78 on Friday. The firm has a market cap of $7.54 billion, a price-to-earnings ratio of 14.33 and a beta of 0.70. The firm has a fifty day moving average price of $103.53 and a 200 day moving average price of $98.01. 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 quick ratio of 0.91 and a current ratio of 0.92.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The business had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. During the same quarter in the previous year, the company posted $1.62 EPS. The company’s revenue was down .4% compared to the same quarter last year. As a group, sell-side analysts expect that SouthState will post 6.99 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Citigroup initiated coverage on shares of SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target on the stock. Piper Sandler lifted their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. UBS Group assumed coverage on SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 price objective on the stock. Stephens reaffirmed an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a research note on Thursday, January 2nd. Finally, Truist Financial cut their target price on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $112.56.

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.