SouthState (NASDAQ:SSB) Rating Increased to Outperform at Raymond James

SouthState (NASDAQ:SSB) was upgraded by research analysts at Raymond James from a “market perform” rating to an “outperform” rating in a note issued to investors on Tuesday, Marketbeat Ratings reports. The firm presently has a $90.00 price target on the bank’s stock. Raymond James’ target price would indicate a potential upside of 15.02% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. DA Davidson reiterated a “buy” rating and set a $102.00 target price (up from $96.00) on shares of SouthState in a report on Monday, January 29th. Piper Sandler dropped their target price on SouthState from $98.00 to $95.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Truist Financial reduced their price target on SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a report on Monday, April 29th. Finally, UBS Group upped their price target on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, SouthState currently has an average rating of “Hold” and an average target price of $89.83.

SouthState Trading Down 1.6 %

NASDAQ SSB opened at $78.25 on Tuesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.89 and a current ratio of 0.90. SouthState has a fifty-two week low of $62.09 and a fifty-two week high of $87.77. The stock has a market cap of $5.96 billion, a P/E ratio of 12.77 and a beta of 0.75. The stock has a 50 day simple moving average of $80.06 and a two-hundred day simple moving average of $80.50.

SouthState (NASDAQ:SSB) last posted its earnings results on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The firm had revenue of $415.49 million during the quarter, compared to analysts’ expectations of $414.32 million. During the same period last year, the company posted $1.93 EPS. The company’s quarterly revenue was down 8.2% compared to the same quarter last year. On average, analysts forecast that SouthState will post 6.37 earnings per share for the current year.

Insider Buying and Selling

In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction 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 completion of the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at $2,902,068. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the transaction, the insider now owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total transaction of $401,065.00. Following the completion of the transaction, the president now owns 58,968 shares in the company, valued at $4,826,530.80. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.

Institutional Trading of SouthState

A number of hedge funds have recently added to or reduced their stakes in the business. Teachers Retirement System of The State of Kentucky increased its position in shares of SouthState by 44.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 50,684 shares of the bank’s stock worth $3,413,000 after purchasing an additional 15,599 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of SouthState by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,005,187 shares of the bank’s stock worth $84,888,000 after buying an additional 25,328 shares during the period. Versor Investments LP purchased a new stake in shares of SouthState during the third quarter valued at $424,000. BIP Wealth LLC acquired a new position in shares of SouthState in the 4th quarter valued at $430,000. Finally, Envestnet Asset Management Inc. raised its stake in SouthState by 112.5% in the 3rd quarter. Envestnet Asset Management Inc. now owns 143,844 shares of the bank’s stock worth $9,689,000 after acquiring an additional 76,153 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.