SouthState (NASDAQ:SSB) Price Target Raised to $112.00

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

A number of other research analysts also recently issued reports on the stock. Hovde Group lifted their price objective on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. DA Davidson increased their price objective on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, July 26th. Citigroup began coverage on SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target for the company. Truist Financial boosted their price target on SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Finally, Stephens increased their price objective on shares of SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, SouthState presently has a consensus rating of “Moderate Buy” and a consensus price target of $104.44.

SouthState Stock Down 1.0 %

Shares of SSB stock traded down $0.94 during mid-day trading on Friday, hitting $97.12. The stock had a trading volume of 85,077 shares, compared to its average volume of 477,447. SouthState has a 12-month low of $64.81 and a 12-month high of $103.82. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. The firm’s 50-day moving average is $96.27 and its two-hundred day moving average is $86.18. The firm has a market capitalization of $7.40 billion, a P/E ratio of 15.90 and a beta of 0.67.

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

Insider Buying and Selling at SouthState

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction on 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 owns 33,328 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the sale, the insider now directly 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 corporate insiders.

Hedge Funds Weigh In On SouthState

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its stake in SouthState by 0.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,123,353 shares of the bank’s stock worth $95,519,000 after buying 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 valued at $1,590,000 after purchasing an additional 500 shares in the last quarter. Caprock Group LLC acquired a new stake in SouthState during the 1st quarter worth $204,000. Van ECK Associates Corp grew its holdings in shares of SouthState by 36.5% during the first quarter. Van ECK Associates Corp now owns 26,757 shares of the bank’s stock worth $2,275,000 after buying an additional 7,156 shares in the last quarter. Finally, J.W. Cole Advisors Inc. acquired a new stake in shares of SouthState in the first quarter valued at about $418,000. 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.