SouthState (NASDAQ:SSB) Receives “Outperform” Rating from Keefe, Bruyette & Woods

SouthState (NASDAQ:SSB)‘s stock had its “outperform” rating restated by Keefe, Bruyette & Woods in a report released on Thursday, Benzinga reports. They presently have a $120.00 target price on the bank’s stock, up from their previous target price of $115.00. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 8.92% from the company’s current price.

SSB has been the topic of a number of other reports. Piper Sandler boosted their price objective on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Citigroup initiated coverage on SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective for the company. Hovde Group boosted their target price on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Truist Financial dropped their target price on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Finally, DA Davidson boosted their price objective on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $105.11.

SouthState Trading Down 1.1 %

Shares of SSB stock traded down $1.25 during trading hours on Thursday, hitting $110.17. 156,032 shares of the company were exchanged, compared to its average volume of 482,637. The firm has a market cap of $8.40 billion, a P/E ratio of 17.08 and a beta of 0.66. SouthState has a fifty-two week low of $67.72 and a fifty-two week high of $111.99. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.92. The company has a 50 day simple moving average of $97.26 and a two-hundred day simple moving average of $87.52.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data 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 9.41% and a net margin of 21.24%. The business had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. During the same period last year, the business earned $1.62 EPS. The business’s revenue was down .4% on a year-over-year basis. Equities analysts anticipate that SouthState will post 6.92 EPS for the current year.

Insider Activity at SouthState

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction dated Friday, September 20th. The stock was 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction dated 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 sale, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SouthState

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Stieven Capital Advisors L.P. purchased a new position in SouthState during the 3rd quarter worth $9,086,000. Thrivent Financial for Lutherans grew its stake in SouthState by 1.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 38,875 shares of the bank’s stock valued at $3,778,000 after purchasing an additional 601 shares during the last quarter. Natixis Advisors LLC grew its stake in SouthState by 11.9% during the 3rd quarter. Natixis Advisors LLC now owns 20,928 shares of the bank’s stock valued at $2,034,000 after purchasing an additional 2,226 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in SouthState during the 3rd quarter valued at about $214,000. Finally, KBC Group NV grew its stake in SouthState by 16.3% during the 3rd quarter. KBC Group NV now owns 2,296 shares of the bank’s stock valued at $223,000 after purchasing an additional 321 shares during the last quarter. 89.76% of the stock is owned by 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.