SouthState Bank (NYSE:SSB – Get Free Report) had its price target upped by investment analysts at Truist Financial from $113.00 to $118.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial‘s target price indicates a potential upside of 11.64% from the stock’s current price.
A number of other equities analysts also recently commented on SSB. JPMorgan Chase & Co. dropped their target price on shares of SouthState Bank from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, October 1st. UBS Group lowered SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target for the company. in a report on Tuesday, July 7th. TD Cowen lowered their price target on SouthState Bank from $120.00 to $116.00 and set a “buy” rating for the company in a report on Monday, October 5th. Piper Sandler increased their price objective on SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. Finally, Fundamental Research set a $120.00 target price on SouthState Bank in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $119.00.
Get Our Latest Stock Report on SouthState Bank
SouthState Bank Price Performance
Shares of SSB opened at $105.70 on Wednesday. SouthState Bank has a 12-month low of $84.47 and a 12-month high of $112.20. The firm has a fifty day moving average price of $103.78 and a 200-day moving average price of $100.12.
SouthState Bank (NYSE:SSB – Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The company reported $2.30 EPS for the quarter, missing the consensus estimate of $2.40 by ($0.10). The company had revenue of $685.43 million for the quarter, compared to the consensus estimate of $691.13 million. During the same quarter in the previous year, the company earned $2.58 earnings per share. On average, sell-side analysts anticipate that SouthState Bank will post 9.42 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $4,419,072.24. This trade represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David Brooks sold 24,650 shares of SouthState Bank stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the transaction, the director directly owned 7,900 shares in the company, valued at approximately $869,000. The trade was a 75.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 34,831 shares of company stock worth $3,814,274. Insiders own 1.70% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Black Diamond Financial LLC acquired a new stake in shares of SouthState Bank in the 3rd quarter worth $1,194,000. Apollon Wealth Management LLC increased its position in SouthState Bank by 11.4% during the 3rd quarter. Apollon Wealth Management LLC now owns 2,604 shares of the company’s stock valued at $259,000 after buying an additional 267 shares in the last quarter. Leeward Investments LLC MA increased its position in SouthState Bank by 22.5% during the 3rd quarter. Leeward Investments LLC MA now owns 134,475 shares of the company’s stock valued at $13,388,000 after buying an additional 24,716 shares in the last quarter. Signaturefd LLC raised its stake in SouthState Bank by 11.1% in the third quarter. Signaturefd LLC now owns 10,127 shares of the company’s stock valued at $1,008,000 after buying an additional 1,008 shares during the last quarter. Finally, Citizens Financial Group Inc. RI increased its holdings in shares of SouthState Bank by 248.7% in the third quarter. Citizens Financial Group Inc. RI now owns 10,273 shares of the company’s stock valued at $1,023,000 after purchasing an additional 7,327 shares during the period. 89.76% of the stock is currently owned by hedge funds and other 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.
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