SouthState Bank (NYSE:SSB – Get Free Report) had its target price lifted by research analysts at Stephens from $116.00 to $119.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Stephens‘s target price suggests a potential upside of 12.56% from the stock’s previous close.
A number of other research firms have also commented on SSB. Piper Sandler raised 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. TD Cowen cut their price objective on shares of SouthState Bank from $120.00 to $116.00 and set a “buy” rating for the company in a research report on Monday, October 5th. JPMorgan Chase & Co. decreased their target price on shares of SouthState Bank from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Thursday, October 1st. Fundamental Research set a $120.00 target price on shares of SouthState Bank in a report on Wednesday, July 1st. Finally, Wall Street Zen cut shares of SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, SouthState Bank has a consensus rating of “Buy” and a consensus target price of $118.77.
Get Our Latest Analysis on SSB
SouthState Bank Stock Performance
NYSE:SSB opened at $105.73 on Monday. The stock has a 50 day simple moving average of $103.94 and a 200 day simple moving average of $100.93. The stock has a market cap of $10.25 billion, a P/E ratio of 11.26 and a beta of 0.78. SouthState Bank has a 1-year low of $84.47 and a 1-year high of $112.20. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.11.
SouthState Bank (NYSE:SSB – Get Free Report) last announced its earnings results on Wednesday, October 21st. The company reported $2.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.10). SouthState Bank had a net margin of 24.63% and a return on equity of 10.23%. The business had revenue of $685.43 million during the quarter, compared to the consensus estimate of $691.13 million. During the same period in the previous year, the firm posted $2.58 EPS. Research analysts anticipate that SouthState Bank will post 9.44 earnings per share for the current year.
Insider Activity
In other SouthState Bank news, CFO William E. V. Matthews sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the sale, the chief financial officer 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Brooks sold 24,650 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the completion of the transaction, the director owned 7,900 shares in the company, valued at $869,000. This represents a 75.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 34,831 shares of company stock worth $3,814,274 over the last quarter. Corporate insiders own 1.70% of the company’s stock.
Hedge Funds Weigh In On SouthState Bank
A number of hedge funds have recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of SouthState Bank in the second quarter worth approximately $28,000. Root Financial Partners LLC increased its position in shares of SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after acquiring an additional 210 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of SouthState Bank during the second quarter valued at approximately $50,000. GHP Investment Advisors Inc. purchased a new position in SouthState Bank in the 1st quarter worth approximately $52,000. Finally, Trust Co. of Vermont purchased a new position in SouthState Bank in the 2nd quarter worth approximately $65,000. Institutional investors own 89.76% of the company’s stock.
SouthState Bank Company Profile
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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