SouthState (NASDAQ:SSB) PT Lowered to $103.00

SouthState (NASDAQ:SSB) had its price target dropped by Truist Financial from $111.00 to $103.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the bank’s stock. Truist Financial’s target price points to a potential upside of 4.86% from the stock’s previous close.

A number of other equities research analysts have also weighed in on SSB. Piper Sandler raised their price target on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Stephens raised their price objective on shares of SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Hovde Group raised their price objective on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. DA Davidson raised their price objective on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Finally, Citigroup assumed coverage on shares of SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective for the company. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, SouthState currently has an average rating of “Moderate Buy” and a consensus price target of $104.00.

SouthState Stock Performance

Shares of SSB stock opened at $98.23 on Monday. The company’s fifty day simple moving average is $96.48 and its 200-day simple moving average is $86.49. SouthState has a 52 week low of $65.18 and a 52 week high of $103.82. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The company has a market cap of $7.48 billion, a PE ratio of 16.02 and a beta of 0.67.

SouthState (NASDAQ:SSB) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. The business had revenue of $426.41 million for 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 business’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.62 EPS. As a group, equities research analysts anticipate that SouthState will post 6.69 EPS for the current year.

Insider Transactions at SouthState

In other news, CFO William E. V. Matthews sold 5,000 shares of the firm’s 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 transaction, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO William E. V. Matthews sold 5,000 shares of SouthState 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 sale, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the sale, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

Institutional Trading of SouthState

Several hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp raised its position in shares of SouthState by 40.0% during the 3rd quarter. Van ECK Associates Corp now owns 43,646 shares of the bank’s stock worth $4,218,000 after buying an additional 12,471 shares in the last quarter. F M Investments LLC raised its position in shares of SouthState by 2.4% during the 3rd quarter. F M Investments LLC now owns 97,876 shares of the bank’s stock worth $9,512,000 after buying an additional 2,300 shares in the last quarter. Chicago Partners Investment Group LLC raised its position in shares of SouthState by 7.0% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock worth $274,000 after buying an additional 186 shares in the last quarter. State of Alaska Department of Revenue raised its position in shares of SouthState by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 8,817 shares of the bank’s stock worth $856,000 after buying an additional 600 shares in the last quarter. Finally, Nicholson Wealth Management Group LLC bought a new stake in shares of SouthState during the 3rd quarter worth about $693,000. 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.