SouthState (NASDAQ:SSB) PT Lowered to $95.00

SouthState (NASDAQ:SSB) had its target price cut by equities researchers at Piper Sandler from $98.00 to $95.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Piper Sandler’s price objective points to a potential upside of 22.69% from the stock’s previous close.

Several other equities analysts have also weighed in on the company. DA Davidson reissued a “buy” rating and issued a $102.00 target price (up previously from $96.00) on shares of SouthState in a research note on Monday, January 29th. Raymond James downgraded SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. UBS Group raised their price objective on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, January 29th. Finally, Truist Financial dropped their price target on SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a report on Monday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $88.17.

SouthState Stock Performance

Shares of NASDAQ:SSB traded down $0.52 during trading on Monday, hitting $77.43. 75,038 shares of the stock were exchanged, compared to its average volume of 412,614. SouthState has a 1-year low of $59.51 and a 1-year high of $87.77. The company has a market capitalization of $5.90 billion, a price-to-earnings ratio of 12.63 and a beta of 0.74. The company’s fifty day simple moving average is $81.40 and its 200-day simple moving average is $79.03. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.89 and a current ratio of 0.89.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.03. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The firm had revenue of $415.49 million during the quarter, compared to the consensus estimate of $414.32 million. During the same quarter in the previous year, the company posted $1.93 EPS. The business’s revenue for the quarter was down 8.2% compared to the same quarter last year. Sell-side analysts expect that SouthState will post 6.48 EPS for the current fiscal year.

Insider Transactions at SouthState

In other SouthState news, President Richard Iv Murray sold 4,900 shares of SouthState stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total transaction of $401,065.00. Following the completion of the transaction, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the sale, the insider now owns 35,828 shares of the company’s stock, valued at $2,902,068. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the sale, the president now directly owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On SouthState

A number of hedge funds and other institutional investors have recently made changes to their positions in SSB. Teachers Retirement System of The State of Kentucky raised its holdings in SouthState by 44.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 50,684 shares of the bank’s stock worth $3,413,000 after purchasing an additional 15,599 shares in the last quarter. Versor Investments LP purchased a new stake in shares of SouthState in the third quarter worth $424,000. BIP Wealth LLC purchased a new stake in shares of SouthState in the fourth quarter worth $430,000. Envestnet Asset Management Inc. grew its stake in shares of SouthState by 112.5% in the third quarter. Envestnet Asset Management Inc. now owns 143,844 shares of the bank’s stock worth $9,689,000 after acquiring an additional 76,153 shares during the last quarter. Finally, Sei Investments Co. grew its stake in shares of SouthState by 5.4% in the third quarter. Sei Investments Co. now owns 286,177 shares of the bank’s stock worth $19,277,000 after acquiring an additional 14,688 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

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.