UBS Group Initiates Coverage on SouthState (NASDAQ:SSB)

Equities researchers at UBS Group started coverage on shares of SouthState (NASDAQ:SSB) in a note issued to investors on Tuesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $132.00 price target on the bank’s stock. UBS Group’s target price indicates a potential upside of 31.17% from the stock’s current price.

A number of other research firms have also recently issued reports on SSB. Piper Sandler increased their price objective on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Stephens upgraded SouthState from an “equal weight” rating to an “overweight” rating in a report on Monday, December 9th. Citigroup assumed coverage on SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price on the stock. Finally, Truist Financial decreased their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $109.78.

SouthState Price Performance

Shares of SSB opened at $100.63 on Tuesday. The firm has a market cap of $7.68 billion, a PE ratio of 15.53 and a beta of 0.69. SouthState has a 52-week low of $70.68 and a 52-week high of $114.26. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. The business’s 50 day moving average price is $104.65 and its two-hundred day moving average price is $93.68.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. The company had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. SouthState’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.62 EPS. On average, equities analysts anticipate that SouthState will post 6.94 EPS for the current year.

Insiders Place Their Bets

In related 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 completion of the sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This trade represents a 11.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Synovus Financial Corp raised its stake in shares of SouthState by 64.8% during the 3rd quarter. Synovus Financial Corp now owns 116,404 shares of the bank’s stock worth $11,312,000 after purchasing an additional 45,785 shares during the period. Sanctuary Advisors LLC purchased a new stake in SouthState during the third quarter worth about $265,000. Geode Capital Management LLC raised its position in SouthState by 1.8% in the third quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank’s stock worth $176,931,000 after acquiring an additional 31,340 shares during the period. XTX Topco Ltd purchased a new position in SouthState in the third quarter valued at about $445,000. Finally, Jane Street Group LLC grew its position in shares of SouthState by 14.5% during the 3rd quarter. Jane Street Group LLC now owns 149,411 shares of the bank’s stock valued at $14,520,000 after acquiring an additional 18,881 shares during the period. Hedge funds and other 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.