SouthState (NASDAQ:SSB) PT Raised to $112.00

SouthState (NASDAQ:SSB) had its target price lifted by analysts at Piper Sandler from $110.00 to $112.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Piper Sandler’s price objective would indicate a potential upside of 16.93% from the stock’s previous close.

Several other research analysts have also recently issued reports on the company. Stephens raised their target price on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Citigroup assumed coverage on shares of SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price for the company. DA Davidson increased their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods lifted their price target on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Finally, Hovde Group upped 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. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, SouthState presently has a consensus rating of “Moderate Buy” and an average target price of $104.44.

SouthState Stock Performance

Shares of SSB stock opened at $95.78 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10. The company has a 50 day moving average price of $96.35 and a 200-day moving average price of $86.30. SouthState has a 52 week low of $64.81 and a 52 week high of $103.82. The firm has a market capitalization of $7.30 billion, a PE ratio of 15.35 and a beta of 0.67.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. The business had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The firm’s revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.62 EPS. As a group, equities research analysts expect that SouthState will post 6.69 earnings per share for the current year.

Insider Buying and Selling at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the insider now owns 33,328 shares in the company, valued at $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, 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 transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SouthState

A number of large investors have recently made changes to their positions in SSB. SageView Advisory Group LLC acquired a new stake in SouthState during the 1st quarter worth about $879,000. BNP Paribas Financial Markets increased its holdings in shares of SouthState by 82.5% during the 1st quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock valued at $3,601,000 after purchasing an additional 19,138 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of SouthState by 107.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 19,006 shares of the bank’s stock valued at $1,616,000 after purchasing an additional 9,843 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of SouthState in the 1st quarter valued at $562,000. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in SouthState by 234.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank’s stock worth $2,003,000 after buying an additional 18,374 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.