SouthState Co. (NASDAQ:SSB) Receives $87.80 Average PT from Analysts

Shares of SouthState Co. (NASDAQ:SSB) have been given an average rating of “Hold” by the five research firms that are currently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $87.80.

Several equities analysts recently commented on the stock. UBS Group upped their price target on shares of SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, January 29th. Raymond James downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Friday, January 5th. DA Davidson reiterated a “buy” rating and set a $102.00 price target (up from $96.00) on shares of SouthState in a report on Monday, January 29th. Finally, Truist Financial cut their price target on shares of SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a report on Monday, April 1st.

Insiders Place Their Bets

In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares in the company, valued at approximately $2,902,068. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other SouthState news, COO Renee R. Brooks sold 4,025 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $85.62, for a total value of $344,620.50. Following the transaction, the chief operating officer now directly owns 31,747 shares in the company, valued at approximately $2,718,178.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now owns 35,828 shares in the company, valued at $2,902,068. The disclosure for this sale can be found here. Insiders have sold 11,925 shares of company stock worth $988,686 in the last three months. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On SouthState

A number of hedge funds and other institutional investors have recently modified their holdings of SSB. Norges Bank bought a new position in shares of SouthState during the fourth quarter valued at approximately $75,485,000. Franklin Resources Inc. boosted its stake in shares of SouthState by 26.8% during the fourth quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock valued at $186,485,000 after purchasing an additional 466,144 shares in the last quarter. Capital World Investors boosted its stake in shares of SouthState by 31.8% during the fourth quarter. Capital World Investors now owns 620,510 shares of the bank’s stock valued at $52,402,000 after purchasing an additional 149,745 shares in the last quarter. Capital International Investors lifted its position in SouthState by 24.2% during the fourth quarter. Capital International Investors now owns 596,520 shares of the bank’s stock valued at $50,376,000 after acquiring an additional 116,313 shares during the last quarter. Finally, NBC Securities Inc. purchased a new stake in SouthState during the third quarter valued at approximately $6,378,000. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Up 0.4 %

Shares of SSB stock opened at $80.14 on Monday. The stock has a market cap of $6.11 billion, a P/E ratio of 12.41 and a beta of 0.74. SouthState has a 52 week low of $59.51 and a 52 week high of $87.77. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.06. The company’s fifty day simple moving average is $81.70 and its two-hundred day simple moving average is $78.80.

SouthState (NASDAQ:SSB) last announced its earnings results on Thursday, January 25th. The bank reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.13. The firm had revenue of $419.72 million for the quarter, compared to analysts’ expectations of $419.08 million. SouthState had a net margin of 22.15% and a return on equity of 9.85%. Analysts predict that SouthState will post 6.51 EPS for the current fiscal year.

About SouthState

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 offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.