Stephens Reaffirms “Overweight” Rating for SouthState (NASDAQ:SSB)

SouthState (NASDAQ:SSB)‘s stock had its “overweight” rating reissued by research analysts at Stephens in a research report issued on Friday,Benzinga reports. They presently have a $130.00 target price on the bank’s stock. Stephens’ price objective would suggest a potential upside of 25.86% from the company’s current price.

SSB has been the topic of a number of other research reports. Truist Financial reduced their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. UBS Group started coverage on SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective for the company. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Citigroup began coverage on SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective on the stock. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 target price (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $112.56.

SouthState Price Performance

NASDAQ SSB opened at $103.29 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The firm’s 50 day moving average is $103.32 and its 200-day moving average is $98.36. The company has a market capitalization of $7.88 billion, a PE ratio of 15.94 and a beta of 0.70. SouthState has a 12-month low of $70.68 and a 12-month high of $114.26.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The company had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. During the same quarter last year, the company posted $1.62 EPS. SouthState’s quarterly revenue was down .4% compared to the same quarter last year. Equities research analysts anticipate that SouthState will post 6.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SouthState

Several institutional investors have recently bought and sold shares of SSB. Caprock Group LLC raised its position in shares of SouthState by 5.8% in the 4th quarter. Caprock Group LLC now owns 2,567 shares of the bank’s stock worth $255,000 after acquiring an additional 140 shares in the last quarter. Perigon Wealth Management LLC acquired a new stake in shares of SouthState during the fourth quarter worth about $233,000. Pacer Advisors Inc. increased its stake in shares of SouthState by 1.9% in the fourth quarter. Pacer Advisors Inc. now owns 11,371 shares of the bank’s stock worth $1,131,000 after acquiring an additional 207 shares during the period. KBC Group NV lifted its holdings in shares of SouthState by 35.3% in the 4th quarter. KBC Group NV now owns 3,106 shares of the bank’s stock valued at $309,000 after buying an additional 810 shares during the period. Finally, Blue Trust Inc. grew its stake in shares of SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after purchasing an additional 167 shares during the period. 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.