SouthState Bank (NYSE:SSB) Price Target Cut to $124.00 by Analysts at Citigroup

SouthState Bank (NYSE:SSB) had its target price decreased by investment analysts at Citigroup from $126.00 to $124.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup‘s price objective would suggest a potential upside of 17.40% from the company’s previous close.

A number of other equities analysts also recently commented on the company. Piper Sandler increased their price objective on SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. JPMorgan Chase & Co. decreased their target price on shares of SouthState Bank from $125.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday, October 1st. Stephens increased their price target on shares of SouthState Bank from $116.00 to $119.00 and gave the stock an “overweight” rating in a research note on Monday. Fundamental Research set a $120.00 price target on shares of SouthState Bank in a report on Wednesday, July 1st. Finally, UBS Group lowered shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price objective for the company. in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, SouthState Bank has an average rating of “Buy” and a consensus price target of $118.62.

SouthState Bank Trading Up 0.1%

Shares of NYSE:SSB traded up $0.11 during midday trading on Monday, reaching $105.62. The company had a trading volume of 271,514 shares, compared to its average volume of 818,507. SouthState Bank has a 1-year low of $84.47 and a 1-year high of $112.20. The company has a fifty day simple moving average of $103.94 and a two-hundred day simple moving average of $100.93. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market cap of $10.24 billion, a price-to-earnings ratio of 11.25 and a beta of 0.78.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings results on Wednesday, October 21st. The company reported $2.30 earnings per share for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.10). The business had revenue of $685.43 million for the quarter, compared to analysts’ expectations of $691.13 million. SouthState Bank had a net margin of 24.63% and a return on equity of 10.23%. During the same quarter in the prior year, the firm posted $2.58 EPS. Research analysts predict that SouthState Bank will post 9.44 earnings per share for the current year.

Insider Activity at SouthState Bank

In related news, Director David R. Brooks sold 24,650 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the transaction, the director owned 7,900 shares of the company’s stock, valued at $869,000. This represents a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO William Matthews sold 4,000 shares of SouthState Bank stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the transaction, the chief financial officer directly owned 40,568 shares of the company’s stock, valued at $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 34,831 shares of company stock valued at $3,814,274. 1.70% of the stock is owned by corporate insiders.

Institutional Trading of SouthState Bank

Several large investors have recently added to or reduced their stakes in the company. Cibc World Market Inc. acquired a new stake in SouthState Bank during the 2nd quarter valued at $1,823,000. Y Intercept Hong Kong Ltd acquired a new position in SouthState Bank in the first quarter worth $4,898,000. State Street Corp grew its holdings in shares of SouthState Bank by 3.3% during the second quarter. State Street Corp now owns 3,858,127 shares of the company’s stock worth $385,427,000 after purchasing an additional 123,549 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of SouthState Bank in the second quarter valued at $3,099,000. Finally, Man Group plc bought a new position in shares of SouthState Bank in the second quarter valued at about $2,069,000. 89.76% of the stock is owned by institutional investors.

About SouthState Bank

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.