SouthState (NASDAQ:SSB) Price Target Cut to $115.00 by Analysts at Barclays

SouthState (NASDAQ:SSB - Get Free Report) had its price objective decreased by investment analysts at Barclays from $120.00 to $115.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the bank's stock. Barclays's target price would indicate a potential upside of 41.31% from the company's current price.

SSB has been the subject of a number of other reports. Citigroup raised SouthState from a "neutral" rating to a "buy" rating and raised their target price for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Raymond James raised shares of SouthState from an "outperform" rating to a "strong-buy" rating and lowered their target price for the company from $120.00 to $115.00 in a report on Wednesday, April 2nd. UBS Group started coverage on SouthState in a report on Tuesday, December 17th. They issued a "buy" rating and a $132.00 price target for the company. Finally, Stephens reiterated an "overweight" rating and set a $130.00 price objective on shares of SouthState in a research note on Friday, March 7th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $117.90.

SouthState Stock Performance

SouthState stock traded down $0.17 during mid-day trading on Tuesday, reaching $81.38. 743,468 shares of the company's stock were exchanged, compared to its average volume of 615,701. The firm has a market capitalization of $8.25 billion, a PE ratio of 11.69 and a beta of 0.65. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The business's fifty day simple moving average is $94.71 and its 200 day simple moving average is $99.55. SouthState has a one year low of $70.68 and a one year high of $114.27.

Insider Buying and Selling

In other SouthState news, Director Janet P. Froetscher bought 2,717 shares of SouthState stock in a transaction that occurred on Monday, March 10th. The shares were bought at an average price of $92.02 per share, with a total value of $250,018.34. Following the acquisition, the director now owns 4,689 shares in the company, valued at approximately $431,481.78. This trade represents a 137.78 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William E. V. Matthews sold 6,531 shares of the company's stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total transaction of $707,241.99. Following the sale, the chief financial officer now owns 34,107 shares of the company's stock, valued at approximately $3,693,447.03. The trade was a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SSB. Vest Financial LLC purchased a new position in shares of SouthState in the first quarter valued at about $3,199,000. NBC Securities Inc. raised its position in SouthState by 100,280.2% during the 1st quarter. NBC Securities Inc. now owns 96,365 shares of the bank's stock valued at $8,944,000 after purchasing an additional 96,269 shares during the last quarter. American National Bank & Trust purchased a new stake in SouthState in the 1st quarter worth approximately $139,000. Rhumbline Advisers grew its position in shares of SouthState by 24.8% in the 1st quarter. Rhumbline Advisers now owns 322,051 shares of the bank's stock worth $29,893,000 after buying an additional 63,983 shares during the last quarter. Finally, Doliver Advisors LP purchased a new position in shares of SouthState during the first quarter valued at approximately $481,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.