Weiss Ratings Reiterates “Buy (B-)” Rating for SouthState Bank (NYSE:SSB)

SouthState Bank (NYSE:SSB)‘s stock had its “buy (b-)” rating reiterated by research analysts at Weiss Ratings in a research report issued on Friday,Weiss Ratings reports.

Several other analysts have also recently commented on SSB. DA Davidson raised their price target on SouthState Bank from $115.00 to $117.00 and gave the company a “buy” rating in a report on Monday, July 28th. Wall Street Zen raised SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, July 27th. Citigroup reissued a “buy” rating and issued a $117.00 price target (up from $113.00) on shares of SouthState Bank in a report on Monday, July 28th. Barclays raised their price target on SouthState Bank from $117.00 to $120.00 and gave the company an “overweight” rating in a report on Monday, July 28th. Finally, Hovde Group lifted their price objective on SouthState Bank from $97.00 to $105.00 and gave the stock a “market perform” rating in a report on Friday, July 25th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $117.08.

SouthState Bank Trading Up 0.7%

Shares of SSB stock opened at $90.53 on Friday. The company has a 50 day moving average of $98.94. SouthState Bank has a twelve month low of $77.74 and a twelve month high of $114.26. The stock has a market cap of $9.16 billion, a P/E ratio of 12.45 and a beta of 0.68. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.08.

SouthState Bank (NYSE:SSB) last announced its earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.38. The company had revenue of $698.78 million for the quarter, compared to the consensus estimate of $660.41 million. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.During the same period last year, the business posted $1.90 EPS.

Insider Buying and Selling

In related news, Director G Stacy Smith purchased 2,500 shares of the business’s stock in a transaction dated Friday, August 1st. The stock was bought at an average cost of $92.30 per share, with a total value of $230,750.00. Following the completion of the acquisition, the director directly owned 39,546 shares in the company, valued at $3,650,095.80. The trade was a 6.75% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel E. Bockhorst sold 5,000 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total value of $498,000.00. Following the completion of the transaction, the insider directly owned 31,785 shares of the company’s stock, valued at approximately $3,165,786. This trade represents a 13.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 8,338 shares of company stock valued at $786,321. 1.70% of the stock is owned by insiders.

Hedge Funds Weigh In On SouthState Bank

A number of institutional investors have recently made changes to their positions in SSB. Rise Advisors LLC acquired a new position in shares of SouthState Bank in the first quarter worth $33,000. Mather Group LLC. acquired a new position in shares of SouthState Bank in the third quarter worth $33,000. Steward Partners Investment Advisory LLC acquired a new position in shares of SouthState Bank in the second quarter worth $34,000. Global Retirement Partners LLC raised its holdings in shares of SouthState Bank by 106.8% in the third quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after acquiring an additional 188 shares during the last quarter. Finally, True Wealth Design LLC raised its holdings in shares of SouthState Bank by 37,700.0% in the third quarter. True Wealth Design LLC now owns 378 shares of the company’s stock worth $37,000 after acquiring an additional 377 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

About SouthState Bank

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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.