SouthState (NASDAQ:SSB) Receives Overweight Rating from Stephens

SouthState (NASDAQ:SSB - Get Free Report)'s stock had its "overweight" rating reiterated by investment analysts at Stephens in a research report issued on Friday,Benzinga reports. They presently have a $130.00 price target on the bank's stock. Stephens' price target would suggest a potential upside of 25.86% from the company's previous close.

Several other equities research analysts also recently weighed in on the company. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $120.00 price target (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Piper Sandler lifted their target price on shares of SouthState from $110.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. Citigroup initiated 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. Hovde Group cut SouthState from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Finally, UBS Group began coverage on SouthState in a report on Tuesday, December 17th. They set a "buy" rating and a $132.00 price target on the stock. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $112.56.

SouthState Stock Up 4.8 %

Shares of SouthState stock traded up $4.70 on Friday, reaching $103.29. The stock had a trading volume of 1,508,873 shares, compared to its average volume of 906,289. SouthState has a 1 year low of $70.68 and a 1 year high of $114.26. The company has a 50 day moving average price of $103.32 and a 200 day moving average price of $98.21. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $7.88 billion, a P/E ratio of 15.94 and a beta of 0.70.

SouthState (NASDAQ:SSB - Get Free Report) last announced its 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. The company had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm's quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.62 EPS. As a group, equities research analysts forecast that SouthState will post 6.99 EPS for the current year.

Institutional Investors Weigh In On SouthState

A number of hedge funds and other institutional investors have recently bought and sold shares of SSB. Waldron Private Wealth LLC acquired a new position in SouthState in the third quarter valued at $35,000. UMB Bank n.a. increased its stake in shares of SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank's stock valued at $53,000 after acquiring an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of SouthState during the 2nd quarter worth about $97,000. Blue Trust Inc. boosted its holdings in shares of SouthState by 16.8% in the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock valued at $113,000 after purchasing an additional 167 shares during the last quarter. Finally, International Assets Investment Management LLC grew its position in SouthState by 9,620.0% during the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank's stock valued at $142,000 after acquiring an additional 1,443 shares during the period. Institutional investors and hedge funds own 89.76% of the company's stock.

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.