SouthState (NASDAQ:SSB) Earns “Overweight” Rating from Stephens

SouthState (NASDAQ:SSB)‘s stock had its “overweight” rating reiterated by stock analysts at Stephens in a research note issued to investors on Friday,Benzinga reports. They currently have a $130.00 target price on the bank’s stock. Stephens’ target price would suggest a potential upside of 41.62% from the company’s current price.

A number of other research analysts have also recently issued reports on SSB. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. UBS Group started coverage on SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target for the company. Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Finally, Citigroup raised SouthState from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $115.44.

SouthState Stock Down 0.6 %

Shares of SSB traded down $0.57 during mid-day trading on Friday, hitting $91.80. 27,186 shares of the company traded hands, compared to its average volume of 792,252. The business has a 50 day moving average of $100.67 and a 200 day moving average of $100.72. The company has a market capitalization of $9.30 billion, a PE ratio of 13.23 and a beta of 0.68. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState has a 1-year low of $70.68 and a 1-year high of $114.26.

Insider Activity at SouthState

In related news, Director G Stacy Smith purchased 3,100 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $93.60 per share, with a total value of $290,160.00. Following the purchase, the director now owns 36,779 shares of the company’s stock, valued at $3,442,514.40. This represents a 9.20 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William E. V. Matthews sold 6,531 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total value of $707,241.99. Following the sale, the chief financial officer now owns 34,107 shares of the company’s stock, valued at approximately $3,693,447.03. This trade represents a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is owned by company insiders.

Institutional Trading of SouthState

A number of institutional investors have recently made changes to their positions in the company. Summit Securities Group LLC acquired a new position in SouthState in the 4th quarter valued at $38,000. Aquatic Capital Management LLC purchased a new stake in shares of SouthState during the fourth quarter worth $45,000. Quadrant Capital Group LLC raised its position in shares of SouthState by 24.2% in the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock valued at $51,000 after buying an additional 99 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of SouthState in the fourth quarter worth about $102,000. Finally, Blue Trust Inc. boosted its position in SouthState by 16.8% during the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after acquiring an additional 167 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Company Profile

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.