South State Corporation operates as the bank holding company for South State Bank that provides a range of banking services and products. The company accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, and other time deposits. It also offers commercial real estate loans, residential real estate loans, commercial, and industrial loans, as well as consumer loans, including auto, boat, and personal installment loans. In addition, the company provides treasury management services, merchant services, debit card products, automated clearing house services, lock-box services, remote deposit capture services, and other treasury services. As of December 31, 2020, it served customers through 285 branches in Florida, South Carolina, Alabama, Georgia, North Carolina, and Virginia. The company was formerly known as First Financial Holdings, Inc. and changed its name to South State Corporation in July 2013. South State Corporation was founded in 1933 and is headquartered in Winter Haven, Florida.
IPO Year:
Exchange: NASDAQ
Website: southstatebank.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 11/13/2024 | Outperform → Market Perform | Hovde Group | |
| 10/10/2024 | $102.00 | Neutral | Citigroup |
| 7/29/2024 | $97.00 → $112.00 | Outperform | Hovde Group |
| 5/21/2024 | $90.00 | Mkt Perform → Outperform | Raymond James |
| 1/29/2024 | $96.00 → $102.00 | Buy | DA Davidson |
| 1/5/2024 | Outperform → Mkt Perform | Raymond James | |
| 12/19/2023 | $78.00 | Equal-Weight | Stephens |
| 9/27/2023 | $86.00 → $73.00 | Buy → Hold | Truist |
| 3/15/2023 | $79.00 | Neutral | UBS |
| 9/28/2022 | $92.00 → $96.00 | Neutral → Overweight | Piper Sandler |
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WINTER HAVEN, Fla., Oct. 23, 2024 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) today released its unaudited results of operations and other financial information for the three-month and nine-month periods ended September 30, 2024. "Despite the challenges of hurricane season, SouthState produced steady growth in loans, deposits, revenue, and earnings per share. Furthermore, with the compounding effect of interest rate changes, our tangible book value per share increased 7% during the quarter", commented John C. Corbett, SouthState's Chief Executive Officer. "We were also pleased to receive overwhelming shareholder support for our acquisition of IBTX.
Adoption of Blend's Close solution has cut closing times to 20 minutes and reduced loan processing from 7 days to 48 hours, enhancing efficiency and borrower satisfaction Blend, the leading origination platform for digital banking solutions, is pleased to announce the successful implementation of its Close solution at SouthState Bank (SouthState), resulting in significant enhancements to borrower experience and operational efficiency. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241021622665/en/ SouthState, a regional bank with $44 billion in assets and over 1 million customers across the southeastern United States, sought Ble
WINTER HAVEN, Fla., Oct. 4, 2024 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) ("SouthState") announced today that it will release third quarter 2024 earnings results on Wednesday, October 23, 2024, after the market closes. Upon release, investors may access a copy of SouthState's earnings results at the Company's website at www.SouthStateBank.com under Investor Relations, News, News & Market Data section. SouthState will host a conference call on Thursday, October 24, 2024 at 9:00 a.m. (ET) to discuss its third quarter 2024 results. Investors may call in (toll free) by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations (host: Will Matthews, CFO). The con
Nacha announced today that SouthState Bank has become its newest Direct Member. With SouthState Bank's addition, Nacha now has 46 Direct Members, which include financial institutions and Payments Associations. "We are thrilled to welcome SouthState Bank to our community of Direct Members," said Jane Larimer, President and CEO of Nacha. "We look forward to SouthState Bank's participation in the Nacha Rulemaking process for the ACH Network and influencing the strategic direction for Nacha and the payments industry." "Joining Nacha as a Direct Member gives us a significant role in shaping the rules governing the ACH Network, ensuring our customers can continue to send and receive payments
WINTER HAVEN, Fla., July 25, 2024 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) announced today that Merriann Metz was appointed to the board of directors of both the company and its bank subsidiary, SouthState Bank, N.A. Metz, 49, serves as general counsel, chief compliance officer, and corporate secretary for Publix Super Markets, Inc. ("Publix"), based in Lakeland, Florida. With over $50 billion in annual revenue and more than 250,000 employees, Publix operates 1,376 store locations across an eight-state footprint of Florida, Georgia, Alabama, the Carolinas, Tennessee,
WINTER HAVEN, Fla., July 24, 2024 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) today released its unaudited results of operations and other financial information for the three-month and six-month periods ended June 30, 2024. "Both revenue and net interest margin inflected during the second quarter as loans repriced faster than deposits. Loans grew at a 7% annualized pace and earnings per share increased 15% over the first quarter", commented John C. Corbett, SouthState's Chief Executive Officer. "On May 20th, we announced the acquisition of Texas-based Independent Bank Group. During June, we traveled in town hall meetings with the Independent team a
WINTER HAVEN, Fla., July 23, 2024 /PRNewswire/ -- SouthState Bank has earned the "America's Best Mid-Size Companies" award from TIME Magazine, being one of the select few regional banks to receive the award. "We are both humbled and honored to be recognized by TIME as one of America's Best Mid-Size Companies. It is a testament to the commitment of our dedicated team members who care for our customers and communities daily, while continually striving for strong financial performance," said Richard Murray, SouthState president. In order to develop the list of America's Best Mid-
WINTER HAVEN, Fla., July 8, 2024 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) ("SouthState") announced today that it will release second quarter 2024 earnings results on Wednesday, July 24, 2024, after the market closes. Upon release, investors may access a copy of SouthState's earnings results at the Company's website at www.SouthStateBank.com under Investor Relations, News, News & Market Data section. SouthState will host a conference call on Thursday, July 25, 2024 at 9:00 a.m. (ET) to discuss its second quarter 2024 results. Investors may call in (toll free) by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations (host: Will Matthews, CFO). The conference
NEW YORK, July 1, 2024 /PRNewswire/ -- Affiliates of Cantor Fitzgerald, L.P., ("Cantor Fitzgerald"), a leading global financial services firm and real assets investment company, and Silverstein Properties ("Silverstein"), a leading global full-service real estate development, investment, and management firm, announced that they have entered into a joint venture with Turnbull Development, LLC, a Charleston-based development firm. The venture intends to develop a mixed-use project encompassing 365 garden-style multifamily units across three buildings, and a 40,000-square-foot medical office building in a qualified opportunity zone in Summerville, SC.
WINTER HAVEN, Fla., June 10, 2024 /PRNewswire/ -- SouthState Bank has announced the addition of seven new commercial and private bankers in its growing Georgia market. "With our forward-thinking technology and client-focused approach, SouthState continues to offer our business customers big-bank products with high-touch service. These new additions bring further skill and initiative to their respective markets, and we look forward to their contributions," said Richard Murray, SouthState president. Joining the Atlanta market are three commercial bankers: Michel Odermatt, middle
Hovde Group downgraded South State from Outperform to Market Perform
Citigroup initiated coverage of South State with a rating of Neutral and set a new price target of $102.00
Hovde Group reiterated coverage of South State with a rating of Outperform and set a new price target of $112.00 from $97.00 previously
Raymond James upgraded South State from Mkt Perform to Outperform and set a new price target of $90.00
DA Davidson resumed coverage of South State with a rating of Buy and set a new price target of $102.00 from $96.00 previously
Raymond James downgraded South State from Outperform to Mkt Perform
Stephens initiated coverage of South State with a rating of Equal-Weight and set a new price target of $78.00
Truist downgraded South State from Buy to Hold and set a new price target of $73.00 from $86.00 previously
UBS initiated coverage of South State with a rating of Neutral and set a new price target of $79.00
Piper Sandler upgraded South State from Neutral to Overweight and set a new price target of $96.00 from $92.00 previously
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WINTER HAVEN, Fla., Oct. 23, 2024 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) today released its unaudited results of operations and other financial information for the three-month and nine-month periods ended September 30, 2024. "Despite the challenges of hurricane season, SouthState produced steady growth in loans, deposits, revenue, and earnings per share. Furthermore, with the compounding effect of interest rate changes, our tangible book value per share increased 7% during the quarter", commented John C. Corbett, SouthState's Chief Executive Officer. "We were also pleased to receive overwhelming shareholder support for our acquisition of IBTX.
WINTER HAVEN, Fla., Oct. 4, 2024 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) ("SouthState") announced today that it will release third quarter 2024 earnings results on Wednesday, October 23, 2024, after the market closes. Upon release, investors may access a copy of SouthState's earnings results at the Company's website at www.SouthStateBank.com under Investor Relations, News, News & Market Data section. SouthState will host a conference call on Thursday, October 24, 2024 at 9:00 a.m. (ET) to discuss its third quarter 2024 results. Investors may call in (toll free) by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations (host: Will Matthews, CFO). The con
WINTER HAVEN, Fla., July 24, 2024 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) today released its unaudited results of operations and other financial information for the three-month and six-month periods ended June 30, 2024. "Both revenue and net interest margin inflected during the second quarter as loans repriced faster than deposits. Loans grew at a 7% annualized pace and earnings per share increased 15% over the first quarter", commented John C. Corbett, SouthState's Chief Executive Officer. "On May 20th, we announced the acquisition of Texas-based Independent Bank Group. During June, we traveled in town hall meetings with the Independent team a
WINTER HAVEN, Fla., July 8, 2024 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) ("SouthState") announced today that it will release second quarter 2024 earnings results on Wednesday, July 24, 2024, after the market closes. Upon release, investors may access a copy of SouthState's earnings results at the Company's website at www.SouthStateBank.com under Investor Relations, News, News & Market Data section. SouthState will host a conference call on Thursday, July 25, 2024 at 9:00 a.m. (ET) to discuss its second quarter 2024 results. Investors may call in (toll free) by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations (host: Will Matthews, CFO). The conference
WINTER HAVEN, Fla. and MCKINNEY, Texas, May 20, 2024 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) ("SouthState") and Independent Bank Group, Inc. (NASDAQ:IBTX) ("Independent Bank Group") jointly announced today that they have entered into a definitive agreement under which SouthState will acquire Independent Bank Group, in an all-stock transaction valued at approximately $2 billion. Independent Bank Group, based in McKinney, Texas, has approximately $18.9 billion in total assets, $15.7 billion in total deposits and $14.6 billion in total loans as of March 31, 2024, and op
WINTER HAVEN, Fla., April 25, 2024 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) today released its unaudited results of operations and other financial information for the three-month period ended March 31, 2024. "In the midst of a transition year for the US economy, SouthState produced first quarter revenue and earnings per share in line with our guidance," commented John C. Corbett, SouthState's Chief Executive Officer. "Loans and deposits grew in the low-single digit percent range and asset quality remains stable with strong reserves. Our markets are resilient, and people are migrating to the South as an attractive place to live and grow a business.
WINTER HAVEN, Fla., March 29, 2024 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) ("SouthState") announced today that it will release first quarter 2024 earnings results on Thursday, April 25, 2024, after the market closes. Upon release, investors may access a copy of SouthState's earnings results at the Company's website at www.SouthStateBank.com under Investor Relations, News, News & Market Data section. SouthState will host a conference call on Friday, April 26, 2024 at 9:00 a.m. (ET) to discuss its first quarter 2024 results. Investors may call in (toll free) by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations (host: Will Matthews, CFO). The conference
WINTER HAVEN, Fla., Jan. 25, 2024 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) today released its unaudited results of operations and other financial information for the three-month and twelve-month periods ended December 31, 2023. "We ended a year that demonstrated the resilience of the SouthState deposit franchise in the face of unprecedented change. In addition, loans grew 7% and we materially built our reserve", commented John C. Corbett, SouthState's Chief Executive Officer. "While we remain cautious of the lag effects of the recent rate increases, we see tremendous opportunity coming out of the cycle. Since the pandemic, Florida has grown by ove
WINTER HAVEN, Fla., Jan. 5, 2024 /PRNewswire/ -- SouthState Corporation (NYSE:SSB) ("SouthState") announced today that it will release fourth quarter 2023 earnings results on Thursday, January 25, 2024, after the market closes. Upon release, investors may access a copy of SouthState's earnings results at the Company's website at www.SouthStateBank.com under Investor Relations, News, News & Market Data section. SouthState will host a conference call on Friday, January 26, 2024 at 9:00 a.m. (ET) to discuss its fourth quarter 2023 results. Investors may call in (toll free) by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations (host: Will Matthews, CFO). The conf
WINTER HAVEN, Fla., Oct. 2, 2023 /PRNewswire/ -- SouthState Corporation (NASDAQ:SSB) ("SouthState") announced today that it will release third quarter 2023 earnings results on Thursday, October 26, 2023, after the market closes. Upon release, investors may access a copy of SouthState's earnings results at the Company's website at www.SouthStateBank.com under Investor Relations, News, News & Market Data section. SouthState will host a conference call on Friday, October 27, 2023 at 9:00 a.m. (ET) to discuss its third quarter 2023 results. Investors may call in (toll free) by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations (host: Will Matthews, CFO). The conf
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ATLANTA, April 29, 2024 /PRNewswire/ -- SouthState Bank today announced the retirement of Doug Williams, president of the Atlanta Banking Group and head of Corporate Banking, effective Dec. 31. Williams culminates his 44-year career with SouthState after spearheading the Atlantic Capital merger in 2022. He founded the Atlanta-based bank after 26 years with Wachovia. "We cannot thank Doug enough for shepherding Atlantic Capital through the transition to SouthState. His knowledge of the Atlanta market and client base has been invaluable, and the Bank remains poised for growth in
ATLANTA, March 1, 2022 /PRNewswire/ -- SouthState Corporation (NASDAQ:SSB) ("SouthState" or the "Company") today announced the closing of its acquisition of Atlantic Capital Bancshares, Inc. (NASDAQ:ACBI) ("Atlantic Capital") through the merger of Atlantic Capital with and into SouthState. Immediately after that merger, Atlantic Capital's subsidiary bank, Atlantic Capital Bank, N.A. merged with and into SouthState Bank, N.A. ("SouthState Bank"). As a result of these transactions, the combined company has an expanded presence in the Atlanta market, with $5 billion in deposits and ranks 8th in market share (3rd among banks under $100 billion in assets).
SouthState (NASDAQ:SSB) reported quarterly earnings of $1.79 per share which beat the analyst consensus estimate of $1.54 by 16.23 percent. The company reported quarterly sales of $425.00 million which beat the analyst consensus estimate of $418.08 million by 1.66 percent. This is a 3.18 percent decrease over sales of $438.96 million the same period last year.
SouthState's (NYSE:SSB) short percent of float has risen 4.44% since its last report. The company recently reported that it has 3.10 million shares sold short, which is 5.41% of all regular shares that are available for trading. Based on its trading volume, it would take traders 6.27 days to cover their short positions on average. Why Short Interest Matters Short interest is the number of shares that have been sold short but have not yet been covered or closed out. Short selling is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises. Short interest is i
Providing a diverse range of perspectives from bullish to bearish, 6 analysts have published ratings on SouthState (NYSE:SSB) in the last three months. The following table encapsulates their recent ratings, offering a glimpse into the evolving sentiments over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 0 4 2 0 0 Last 30D 0 0 1 0 0 1M Ago 0 0 0 0 0 2M Ago 0 3 0 0 0 3M Ago 0 1 1 0 0 Analysts have set 12-month price targets for SouthState, revealing an average target of $90.5, a high estimate of $98.00, and a low estimate of $81.00. This current average represents a 1.2% decrease fro
Truist Securities analyst Brandon King maintains SouthState (NYSE:SSB) with a Hold and lowers the price target from $84 to $81.
SouthState's (NYSE:SSB) short percent of float has risen 5.71% since its last report. The company recently reported that it has 2.97 million shares sold short, which is 5.18% of all regular shares that are available for trading. Based on its trading volume, it would take traders 4.78 days to cover their short positions on average. Why Short Interest Matters Short interest is the number of shares that have been sold short but have not yet been covered or closed out. Short selling is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises. Short interest is i
Piper Sandler analyst Stephen Scouten maintains SouthState (NYSE:SSB) with a Overweight and raises the price target from $95 to $98.
Keefe, Bruyette & Woods analyst Catherine Mealor maintains SouthState (NYSE:SSB) with a Outperform and raises the price target from $92 to $95.
In the last three months, 4 analysts have published ratings on SouthState (NYSE:SSB), offering a diverse range of perspectives from bullish to bearish. The following table provides a quick overview of their recent ratings, highlighting the changing sentiments over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 0 2 2 0 0 Last 30D 0 1 0 0 0 1M Ago 0 1 1 0 0 2M Ago 0 0 1 0 0 3M Ago 0 0 0 0 0 Providing deeper insights, analysts have established 12-month price targets, indicating an average target of $89.5, along with a high estimate of $95.00 and a low estimate of $84.00. Highlighting a