SouthState (NASDAQ:SSB) PT Lowered to $95.00

SouthState (NASDAQ:SSB) had its price objective decreased by Piper Sandler from $98.00 to $95.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Piper Sandler’s price objective points to a potential upside of 22.69% from the stock’s current price.

Several other research analysts have also weighed in on the company. Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a research report on Friday, January 5th. Truist Financial cut their target price on SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a research report on Monday. UBS Group increased 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. Finally, DA Davidson reiterated a “buy” rating and issued a $102.00 price target (up from $96.00) on shares of SouthState in a report on Monday, January 29th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, SouthState currently has a consensus rating of “Hold” and a consensus price target of $88.17.

SouthState Trading Down 0.7 %

Shares of SouthState stock traded down $0.52 during trading hours on Monday, reaching $77.43. 75,038 shares of the company’s stock were exchanged, compared to its average volume of 412,614. SouthState has a 52-week low of $59.51 and a 52-week high of $87.77. The firm has a market capitalization of $5.90 billion, a price-to-earnings ratio of 12.63 and a beta of 0.74. The company has a fifty day moving average of $81.40 and a 200-day moving average of $79.03. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.07.

SouthState (NASDAQ:SSB) last issued its earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.03. The business had revenue of $415.49 million for the quarter, compared to analyst estimates of $414.32 million. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The business’s quarterly revenue was down 8.2% on a year-over-year basis. During the same period last year, the company posted $1.93 EPS. Sell-side analysts forecast that SouthState will post 6.48 EPS for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On SouthState

Several large investors have recently modified their holdings of SSB. Parallel Advisors LLC lifted its holdings in SouthState by 544.0% in the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after acquiring an additional 272 shares during the last quarter. TFO Wealth Partners LLC raised its holdings in shares of SouthState by 13,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after buying an additional 402 shares during the last quarter. Covestor Ltd raised its holdings in shares of SouthState by 50.5% during the third quarter. Covestor Ltd now owns 638 shares of the bank’s stock valued at $43,000 after buying an additional 214 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of SouthState by 8,346.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock valued at $107,000 after buying an additional 1,252 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of SouthState by 10.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,250 shares of the bank’s stock valued at $190,000 after buying an additional 205 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

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.