SouthState (NASDAQ:SSB) Coverage Initiated by Analysts at UBS Group

Analysts at UBS Group began coverage on shares of SouthState (NASDAQ:SSB) in a report released on Tuesday. The brokerage set a “buy” rating on the bank’s stock.

Several other brokerages also recently commented on SSB. Citigroup began coverage on shares of SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target on the stock. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Piper Sandler raised their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Truist Financial cut their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Finally, Stephens upgraded SouthState from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $105.11.

SouthState Stock Performance

NASDAQ:SSB traded down $1.53 during mid-day trading on Tuesday, reaching $106.91. The company’s stock had a trading volume of 63,111 shares, compared to its average volume of 490,047. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState has a 12-month low of $70.68 and a 12-month high of $114.26. The stock has a market cap of $8.16 billion, a P/E ratio of 16.50 and a beta of 0.69. The firm’s fifty day moving average price is $104.42 and its two-hundred day moving average price is $93.48.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The firm had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. During the same period in the prior year, the company posted $1.62 earnings per share. The company’s revenue for the quarter was down .4% compared to the same quarter last year. On average, equities analysts forecast that SouthState will post 6.94 EPS for the current fiscal year.

Insider Transactions at SouthState

In other news, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. This trade represents a 11.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the insider now owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The trade was a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On SouthState

Institutional investors have recently modified their holdings of the business. Waldron Private Wealth LLC bought a new position in SouthState during the 3rd quarter valued at $35,000. UMB Bank n.a. raised its holdings in shares of SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after purchasing an additional 192 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in SouthState during the second quarter valued at approximately $97,000. International Assets Investment Management LLC grew its position in SouthState by 9,620.0% in the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after buying an additional 1,443 shares during the last quarter. Finally, Innealta Capital LLC acquired a new position in SouthState in the second quarter worth approximately $133,000. Institutional investors 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.