SouthState (NASDAQ:SSB) PT Raised to $112.00

SouthState (NASDAQ:SSB) had its price objective raised by stock analysts at Piper Sandler from $110.00 to $112.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Piper Sandler’s price objective would suggest a potential upside of 15.32% from the stock’s previous close.

Several other research analysts have also recently issued reports on the company. Keefe, Bruyette & Woods raised their target price on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Stephens raised their price objective on shares of SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Citigroup initiated coverage on shares of SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price for the company. Hovde Group raised their price objective on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Finally, Truist Financial lifted their price target on shares of SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a report on Friday, September 20th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $104.44.

SouthState Stock Performance

Shares of SSB traded down $0.94 during mid-day trading on Friday, hitting $97.12. 85,077 shares of the company traded hands, compared to its average volume of 477,447. The stock has a market cap of $7.40 billion, a price-to-earnings ratio of 15.90 and a beta of 0.67. The stock has a 50-day moving average price of $96.27 and a two-hundred day moving average price of $86.18. SouthState has a 1 year low of $64.81 and a 1 year high of $103.82. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91.

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

Insider Activity

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

Hedge Funds Weigh In On SouthState

A number of large investors have recently made changes to their positions in SSB. Fidelis Capital Partners LLC bought a new stake in SouthState in the first quarter worth about $30,000. Waldron Private Wealth LLC purchased a new position in SouthState during the 3rd quarter valued at $35,000. GAMMA Investing LLC boosted its holdings in SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after acquiring an additional 333 shares during the period. UMB Bank n.a. lifted its position in shares of SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after purchasing an additional 192 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of SouthState during the second quarter valued at $97,000. 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.