DA Davidson Reiterates “Buy” Rating for SouthState Bank (NYSE:SSB)

SouthState Bank (NYSE:SSB)‘s stock had its “buy” rating reaffirmed by investment analysts at DA Davidson in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $125.00 target price on the stock. DA Davidson’s target price would indicate a potential upside of 29.29% from the company’s current price.

A number of other brokerages also recently weighed in on SSB. JPMorgan Chase & Co. boosted their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday, May 21st. Hovde Group lifted their price target on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Barclays reduced their price target on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating for the company in a report on Monday, April 27th. TD Cowen reduced their price target on SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a report on Monday, April 27th. Finally, Weiss Ratings cut SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $118.62.

SouthState Bank Stock Up 1.1%

Shares of NYSE:SSB traded up $1.02 during midday trading on Wednesday, hitting $96.68. The stock had a trading volume of 230,463 shares, compared to its average volume of 838,482. The company has a market cap of $9.44 billion, a P/E ratio of 10.44 and a beta of 0.70. SouthState Bank has a 12 month low of $84.47 and a 12 month high of $108.46. The business’s 50-day simple moving average is $95.48 and its 200-day simple moving average is $96.25. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.07. The business had revenue of $661.70 million for the quarter, compared to the consensus estimate of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period in the previous year, the company earned $0.87 earnings per share. On average, sell-side analysts forecast that SouthState Bank will post 9.49 earnings per share for the current fiscal year.

Insider Buying and Selling at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the completion of the sale, the director owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On SouthState Bank

A number of hedge funds and other institutional investors have recently modified their holdings of SSB. Root Financial Partners LLC raised its position in shares of SouthState Bank by 100.0% in the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after buying an additional 210 shares in the last quarter. Measured Wealth Private Client Group LLC acquired a new stake in shares of SouthState Bank in the third quarter valued at approximately $51,000. GHP Investment Advisors Inc. acquired a new stake in shares of SouthState Bank in the first quarter valued at approximately $52,000. State of Wyoming raised its position in shares of SouthState Bank by 356.0% in the third quarter. State of Wyoming now owns 570 shares of the company’s stock valued at $56,000 after buying an additional 445 shares in the last quarter. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of SouthState Bank in the third quarter valued at approximately $57,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

About SouthState Bank

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.