Stephens Reaffirms Overweight Rating for SouthState (NASDAQ:SSB)

SouthState (NASDAQ:SSB)‘s stock had its “overweight” rating restated by analysts at Stephens in a report released on Thursday,Benzinga reports. They currently have a $130.00 price objective on the bank’s stock. Stephens’ target price points to a potential upside of 30.68% from the stock’s previous close.

SSB has been the subject of a number of other reports. Truist Financial dropped 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. Citigroup started coverage on SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price on the stock. Piper Sandler raised their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Finally, Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $112.56.

SouthState Trading Down 1.1 %

Shares of SSB stock opened at $99.48 on Thursday. The company has a market cap of $7.59 billion, a PE ratio of 15.35 and a beta of 0.69. SouthState has a 1 year low of $70.68 and a 1 year high of $114.26. The stock’s 50 day simple moving average is $104.95 and its two-hundred day simple moving average is $95.61. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91.

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

Institutional Trading of SouthState

Several hedge funds have recently modified their holdings of the company. Waldron Private Wealth LLC purchased a new stake in SouthState during the third quarter valued at approximately $35,000. UMB Bank n.a. increased 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of SouthState during the 2nd quarter valued at $97,000. International Assets Investment Management LLC boosted its position in shares of SouthState by 9,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after purchasing an additional 1,443 shares in the last quarter. Finally, William B. Walkup & Associates Inc. purchased a new position in SouthState during the 2nd quarter worth $151,000. 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.