SouthState (NASDAQ:SSB) PT Lowered to $103.00

SouthState (NASDAQ:SSB) had its price target decreased by investment analysts at Truist Financial from $111.00 to $103.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the bank’s stock. Truist Financial’s price target indicates a potential upside of 7.54% from the company’s current price.

A number of other research firms also recently issued reports on SSB. DA Davidson lifted their price objective on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods lifted their price objective on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Piper Sandler lifted their price objective on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday. Stephens lifted their price objective on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Finally, Hovde Group lifted their price objective on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $103.56.

SouthState Stock Down 2.3 %

SSB opened at $95.78 on Monday. SouthState has a 52 week low of $64.81 and a 52 week high of $103.82. 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 firm has a 50-day simple moving average of $96.35 and a two-hundred day simple moving average of $86.35. The company has a market capitalization of $7.30 billion, a PE ratio of 15.62 and a beta of 0.67.

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. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The business had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. During the same quarter last year, the business posted $1.62 EPS. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. Analysts forecast that SouthState will post 6.69 earnings per share for the current fiscal year.

Insider Transactions at SouthState

In related news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares in the company, valued at $3,332,800. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction on 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 owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On SouthState

Hedge funds have recently made changes to their positions in the company. Fidelis Capital Partners LLC bought a new position in shares of SouthState in the 1st quarter worth $30,000. Waldron Private Wealth LLC acquired a new position in SouthState during the 3rd quarter valued at about $35,000. UMB Bank n.a. increased its position in SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after buying an additional 192 shares in the last quarter. GAMMA Investing LLC increased its position in SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after buying an additional 333 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in SouthState during the 2nd quarter valued at about $97,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Company Profile

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.