Stephens Raises SouthState (NASDAQ:SSB) Price Target to $105.00

SouthState (NASDAQ:SSB - Get Free Report) had its price objective increased by analysts at Stephens from $101.00 to $105.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an "equal weight" rating on the bank's stock. Stephens' target price points to a potential upside of 6.89% from the company's previous close.

A number of other brokerages also recently issued reports on SSB. Citigroup initiated coverage on SouthState in a research note on Thursday, October 10th. They issued a "neutral" rating and a $102.00 price objective for the company. Truist Financial dropped their price objective on SouthState from $111.00 to $103.00 and set a "hold" rating on the stock in a report on Monday. DA Davidson raised their price target on SouthState from $102.00 to $112.00 and gave the company a "buy" rating in a report on Friday, July 26th. Piper Sandler increased their price objective on SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Keefe, Bruyette & Woods increased their price objective on SouthState from $95.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday, July 29th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $104.00.

SouthState Trading Down 0.2 %

Shares of NASDAQ:SSB traded down $0.24 during midday trading on Tuesday, hitting $98.23. 384,381 shares of the stock were exchanged, compared to its average volume of 478,729. The business's 50-day moving average price is $96.48 and its 200 day moving average price is $86.49. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market capitalization of $7.48 billion, a price-to-earnings ratio of 16.02 and a beta of 0.67. SouthState has a 12 month low of $65.18 and a 12 month high of $103.82.

SouthState (NASDAQ:SSB - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The firm had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same period in the previous year, the firm earned $1.62 earnings per share. The company's revenue was down .4% compared to the same quarter last year. Analysts predict that SouthState will post 6.69 earnings per share for the current year.

Insider Activity at SouthState

In other news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the transaction, the chief financial officer now directly owns 36,964 shares of the company's stock, valued at approximately $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Daniel E. Bockhorst sold 2,500 shares of the firm's stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the insider now directly owns 33,328 shares of the company's stock, valued at approximately $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO William E. V. Matthews sold 5,000 shares of the firm's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the transaction, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SouthState

Large investors have recently made changes to their positions in the stock. SageView Advisory Group LLC purchased a new stake in SouthState during the 1st quarter worth about $879,000. BNP Paribas Financial Markets grew its position in shares of SouthState by 82.5% during the first quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank's stock worth $3,601,000 after acquiring an additional 19,138 shares during the last quarter. Janney Montgomery Scott LLC grew its position in shares of SouthState by 107.4% during the first quarter. Janney Montgomery Scott LLC now owns 19,006 shares of the bank's stock worth $1,616,000 after acquiring an additional 9,843 shares during the last quarter. Entropy Technologies LP purchased a new position in SouthState in the 1st quarter valued at $562,000. Finally, Wealth Enhancement Advisory Services LLC grew its position in SouthState by 234.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank's stock valued at $2,003,000 after buying an additional 18,374 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.