Truist Financial Raises SouthState (NASDAQ:SSB) Price Target to $111.00

SouthState (NASDAQ:SSB) had its price objective boosted by Truist Financial from $109.00 to $111.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the bank’s stock. Truist Financial’s target price would indicate a potential upside of 10.83% from the stock’s current price.

Several other analysts have also issued reports on SSB. Stephens increased 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. Piper Sandler increased their price target on shares of SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 29th. Keefe, Bruyette & Woods upped their target price on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Hovde Group raised their target price on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Finally, DA Davidson upped their price objective on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $103.00.

SouthState Stock Performance

NASDAQ SSB traded down $1.48 on Friday, reaching $100.15. The stock had a trading volume of 311,378 shares, compared to its average volume of 476,278. SouthState has a 1-year low of $63.36 and a 1-year high of $102.82. 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 company has a market cap of $7.63 billion, a P/E ratio of 16.34 and a beta of 0.67. The firm has a fifty day moving average of $93.12 and a two-hundred day moving average of $83.53.

SouthState (NASDAQ:SSB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.25. The firm had revenue of $425.48 million for the quarter, compared to analyst estimates of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The business’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.63 EPS. On average, equities research analysts anticipate that SouthState will post 6.7 EPS for the current year.

Insider Buying and Selling at SouthState

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.26% of the company’s stock.

Hedge Funds Weigh In On SouthState

A number of hedge funds have recently bought and sold shares of SSB. Parallel Advisors LLC boosted its holdings in shares of SouthState by 544.0% during the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after buying an additional 272 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in shares of SouthState during the 1st quarter valued at $30,000. TFO Wealth Partners LLC lifted its position in shares of SouthState by 13,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after acquiring an additional 402 shares during the period. GAMMA Investing LLC boosted its stake in SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after acquiring an additional 333 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in SouthState in the second quarter worth $97,000. Institutional investors 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.