SouthState (NASDAQ:SSB) Upgraded to “Outperform” by Raymond James

SouthState (NASDAQ:SSB) was upgraded by analysts at Raymond James from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Tuesday, MarketBeat reports. The brokerage presently has a $90.00 price objective on the bank’s stock. Raymond James’ price objective would suggest a potential upside of 12.63% from the stock’s previous close.

SSB has been the topic of several other reports. DA Davidson reissued a “buy” rating and issued a $102.00 price objective (up from $96.00) on shares of SouthState in a research note on Monday, January 29th. UBS Group raised their price objective on shares of SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research 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 research report on Monday, April 29th. Finally, 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. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, SouthState currently has a consensus rating of “Hold” and an average price target of $89.83.

SouthState Price Performance

Shares of SSB opened at $79.91 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 firm has a 50-day simple moving average of $80.20 and a 200-day simple moving average of $80.47. The company has a market capitalization of $6.09 billion, a price-to-earnings ratio of 13.04 and a beta of 0.75.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its holdings in SouthState by 544.0% in the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after buying an additional 272 shares during the period. Fidelis Capital Partners LLC acquired a new position in SouthState during the first quarter worth approximately $30,000. TFO Wealth Partners LLC raised its stake in SouthState by 13,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after purchasing an additional 402 shares during the period. Covestor Ltd raised its stake in SouthState by 50.5% during the third quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after purchasing an additional 214 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in shares of SouthState by 8,346.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock valued at $107,000 after purchasing an additional 1,252 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

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.