SouthState Bank (NYSE:SSB) Stock Gets Price Target Increase from Barclays

by · The Markets Daily

SouthState Bank (NYSE:SSB – Get Free Report) had its price objective boosted by analysts at Barclays from $120.00 to $128.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price would suggest a potential upside of 19.68% from the company’s current price.

Several other analysts also recently commented on the stock. Stephens upped their price target on shares of SouthState Bank from $116.00 to $119.00 and gave the company an “overweight” rating in a research report on Monday, October 26th. Piper Sandler raised their price objective on shares of SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Citigroup dropped their price objective on shares of SouthState Bank from $126.00 to $124.00 and set a “buy” rating on the stock in a research note on Monday, October 26th. TD Cowen reduced their target price on shares of SouthState Bank from $120.00 to $116.00 and set a “buy” rating for the company in a report on Monday, October 5th. Finally, UBS Group downgraded shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price for the company. in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $119.62.

Get Our Latest Stock Report on SSB

SouthState Bank Stock Performance

SSB traded down $0.06 during trading on Tuesday, hitting $106.95. 40,977 shares of the stock were exchanged, compared to its average volume of 817,922. The firm has a market capitalization of $10.37 billion, a P/E ratio of 11.36 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 stock has a fifty day moving average price of $103.64 and a two-hundred day moving average price of $100.29. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.11.

SouthState Bank (NYSE:SSB – Get Free Report) last posted its quarterly earnings data on Wednesday, October 21st. The company reported $2.30 earnings per share for the quarter, missing the consensus estimate of $2.40 by ($0.10). The firm had revenue of $685.43 million during the quarter, compared to analyst estimates of $691.13 million. SouthState Bank had a net margin of 24.63% and a return on equity of 10.23%. During the same period in the previous year, the company posted $2.58 earnings per share. As a group, sell-side analysts predict that SouthState Bank will post 9.35 earnings per share for the current year.

Insider Buying and Selling at SouthState Bank

In related news, Director David Brooks sold 24,650 shares of SouthState Bank stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the transaction, the director directly owned 7,900 shares in the company, valued at $869,000. This trade represents a 75.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO William E. V. Matthews sold 4,000 shares of SouthState Bank stock in a transaction 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 completion of the transaction, the chief financial officer 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 disclosure for this sale is available in the SEC filing. 1.70% of the stock is owned by company insiders.

Institutional Trading of SouthState Bank

Several hedge funds and other institutional investors have recently made changes to their positions in SSB. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in SouthState Bank in the second quarter valued at about $28,000. Root Financial Partners LLC boosted its holdings in SouthState Bank by 100.0% in the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after purchasing an additional 210 shares in the last quarter. Provenance Wealth Advisors LLC acquired a new position in SouthState Bank during the 3rd quarter worth approximately $47,000. FNY Investment Advisers LLC acquired a new position in SouthState Bank during the 2nd quarter worth approximately $50,000. Finally, Trust Co. of Vermont purchased a new position in shares of SouthState Bank during the 2nd quarter worth approximately $65,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

About SouthState Bank

(Get Free Report)

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.

Further Reading