Truist Financial Cuts SouthState (NASDAQ:SSB) Price Target to $103.00

SouthState (NASDAQ:SSB - Get Free Report) had its target price lowered by research analysts at Truist Financial from $111.00 to $103.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a "hold" rating on the bank's stock. Truist Financial's price target points to a potential upside of 4.60% from the stock's current price.

Other equities analysts also recently issued research reports about the company. DA Davidson increased their price target on SouthState from $102.00 to $112.00 and gave the stock a "buy" rating in a research report on Friday, July 26th. Stephens boosted their target price on SouthState from $88.00 to $101.00 and gave the stock an "equal weight" rating in a report on Monday, July 29th. Citigroup started coverage on SouthState in a research report on Thursday, October 10th. They set a "neutral" rating and a $102.00 price objective on the stock. Keefe, Bruyette & Woods upped their target price on SouthState from $95.00 to $110.00 and gave the company an "outperform" rating in a report on Monday, July 29th. Finally, Hovde Group boosted their price target on shares of SouthState from $97.00 to $112.00 and gave the company an "outperform" rating in a research report on Monday, July 29th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $103.56.

SouthState Trading Up 2.8 %

Shares of NASDAQ:SSB traded up $2.69 during trading on Monday, hitting $98.47. The company had a trading volume of 406,099 shares, compared to its average volume of 479,183. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. SouthState has a one year low of $65.18 and a one year high of $103.82. The stock has a market cap of $7.50 billion, a price-to-earnings ratio of 16.06 and a beta of 0.67. The company has a fifty day simple moving average of $96.48 and a two-hundred day simple moving average of $86.49.

SouthState (NASDAQ:SSB - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping analysts' consensus estimates of $1.64 by $0.26. The firm had revenue of $426.41 million during the quarter, compared to analysts' expectations of $429.47 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The firm's quarterly revenue was down .4% on a year-over-year basis. During the same period in the prior year, the business posted $1.62 EPS. As a group, equities analysts forecast that SouthState will post 6.69 earnings per share for the current year.

Insider Activity at SouthState

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC lifted its holdings in shares of SouthState by 0.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,123,353 shares of the bank's stock valued at $95,519,000 after purchasing an additional 6,070 shares in the last quarter. State of Michigan Retirement System lifted its holdings in SouthState by 2.7% in the 1st quarter. State of Michigan Retirement System now owns 18,700 shares of the bank's stock worth $1,590,000 after buying an additional 500 shares in the last quarter. Van ECK Associates Corp boosted its holdings in SouthState by 36.5% in the first quarter. Van ECK Associates Corp now owns 26,757 shares of the bank's stock valued at $2,275,000 after purchasing an additional 7,156 shares during the last quarter. J.W. Cole Advisors Inc. acquired a new position in SouthState during the 1st quarter worth $418,000. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of SouthState in the 1st quarter worth approximately $266,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.