SouthState (NASDAQ:SSB) Price Target Raised to $111.00

SouthState (NASDAQ:SSB) had its price target boosted by investment analysts at Truist Financial from $109.00 to $111.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “hold” rating on the bank’s stock. Truist Financial’s price objective suggests a potential upside of 10.83% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Stephens upped their price objective on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Hovde Group increased their price target on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods boosted their price objective on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Piper Sandler increased their target price on shares of SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, May 29th. Finally, DA Davidson upped their price objective on shares of SouthState from $102.00 to $112.00 and gave the company 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 assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $103.00.

SouthState Trading Down 1.5 %

SSB stock traded down $1.48 during midday trading on Friday, reaching $100.15. The stock had a trading volume of 311,378 shares, compared to its average volume of 476,278. The firm has a market cap of $7.63 billion, a price-to-earnings ratio of 16.34 and a beta of 0.67. SouthState has a twelve month low of $63.36 and a twelve month high of $102.82. 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 business has a fifty day simple moving average of $93.12 and a two-hundred day simple moving average of $83.53.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.25. The business 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%. SouthState’s revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.63 earnings per share. As a group, research analysts expect that SouthState will post 6.7 EPS for the current fiscal year.

Insider Activity

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 value of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SSB. Parallel Advisors LLC raised its holdings in shares of SouthState by 544.0% in the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after purchasing an additional 272 shares during the period. Fidelis Capital Partners LLC bought a new position in shares of SouthState during the 1st quarter worth approximately $30,000. TFO Wealth Partners LLC boosted its stake 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 worth $34,000 after acquiring an additional 402 shares during the period. GAMMA Investing LLC increased its holdings in shares of SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after acquiring an additional 333 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in SouthState in the 2nd quarter valued at $97,000. 89.76% of the stock is currently owned by 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.