SouthState (NASDAQ:SSB) Upgraded to "Strong-Buy" at Raymond James

SouthState (NASDAQ:SSB - Get Free Report) was upgraded by research analysts at Raymond James from an "outperform" rating to a "strong-buy" rating in a research report issued on Wednesday, MarketBeat reports. The firm presently has a $115.00 price target on the bank's stock, down from their previous price target of $120.00. Raymond James' price objective suggests a potential upside of 43.25% from the company's previous close.

Other analysts have also issued research reports about the company. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and increased their target price for the company from $106.00 to $128.00 in a report on Monday, January 27th. Barclays started coverage on SouthState in a research note on Tuesday, April 1st. They issued an "overweight" rating and a $120.00 price objective for the company. UBS Group assumed coverage on SouthState in a report on Tuesday, December 17th. They issued a "buy" rating and a $132.00 target price on the stock. Finally, Stephens reissued an "overweight" rating and issued a $130.00 price target on shares of SouthState in a research report on Friday, March 7th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, SouthState has a consensus rating of "Moderate Buy" and an average target price of $118.40.

SouthState Trading Down 1.5 %

SSB stock traded down $1.20 during mid-day trading on Wednesday, reaching $80.28. 352,354 shares of the stock traded hands, compared to its average volume of 600,950. SouthState has a 52-week low of $70.68 and a 52-week high of $114.27. The stock's fifty day moving average is $97.93 and its 200-day moving average is $100.33. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a market cap of $8.14 billion, a P/E ratio of 11.54 and a beta of 0.65.

Insiders Place Their Bets

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

Hedge Funds Weigh In On SouthState

Several large investors have recently made changes to their positions in the business. Geode Capital Management LLC increased its holdings in shares of SouthState by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock worth $192,531,000 after purchasing an additional 93,312 shares during the period. Northern Trust Corp increased its stake in SouthState by 9.4% during the fourth quarter. Northern Trust Corp now owns 1,111,758 shares of the bank's stock valued at $110,598,000 after acquiring an additional 95,841 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in SouthState by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank's stock valued at $103,448,000 after acquiring an additional 52,042 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of SouthState by 19.6% in the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock worth $84,703,000 after acquiring an additional 139,602 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of SouthState by 4.7% during the 4th quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank's stock worth $83,812,000 after purchasing an additional 37,796 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

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.