SouthState (NASDAQ:SSB) Earns Overweight Rating from Stephens

SouthState (NASDAQ:SSB)‘s stock had its “overweight” rating reiterated by equities researchers at Stephens in a report issued on Thursday,Benzinga reports. They currently have a $130.00 price target on the bank’s stock. Stephens’ price target would indicate a potential upside of 33.43% from the company’s current price.

A number of other brokerages have also recently weighed in on SSB. UBS Group started coverage on shares of SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target for the company. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Truist Financial decreased their price target on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Citigroup assumed coverage on SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective for the company. Finally, Piper Sandler increased their target price on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $112.56.

SouthState Trading Up 0.4 %

Shares of SSB stock opened at $97.43 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState has a twelve month low of $70.68 and a twelve month high of $114.26. The company’s 50-day moving average price is $104.96 and its 200-day moving average price is $95.79. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of 15.04 and a beta of 0.69.

SouthState (NASDAQ:SSB) last announced its quarterly 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 business had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. During the same quarter last year, the firm earned $1.62 EPS. The business’s revenue was down .4% compared to the same quarter last year. As a group, equities analysts predict that SouthState will post 6.94 earnings per share for the current year.

Institutional Trading of SouthState

Hedge funds and other institutional investors have recently bought and sold shares of the business. Waldron Private Wealth LLC acquired a new stake in shares of SouthState during the 3rd quarter worth about $35,000. UMB Bank n.a. increased its stake in SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after purchasing an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of SouthState during the 2nd quarter worth approximately $97,000. International Assets Investment Management LLC boosted its holdings in shares of SouthState by 9,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock valued at $142,000 after buying an additional 1,443 shares in the last quarter. Finally, William B. Walkup & Associates Inc. purchased a new position in shares of SouthState in the 2nd quarter valued at $151,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.