Citigroup Upgrades SouthState (NASDAQ:SSB) to Buy

SouthState (NASDAQ:SSB) was upgraded by investment analysts at Citigroup from a “neutral” rating to a “buy” rating in a report issued on Monday, Marketbeat.com reports. The firm presently has a $128.00 target price on the bank’s stock, up from their prior target price of $106.00. Citigroup’s price target would suggest a potential upside of 23.93% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Truist Financial reduced their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Stephens reaffirmed an “overweight” rating and set a $130.00 price target on shares of SouthState in a research note on Friday. Piper Sandler raised their price objective on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 target price (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.44.

SouthState Trading Up 4.8 %

NASDAQ:SSB opened at $103.29 on Monday. SouthState has a 52 week low of $70.68 and a 52 week high of $114.26. The firm’s fifty day moving average is $103.32 and its 200-day moving average is $98.51. The firm has a market cap of $7.88 billion, a P/E ratio of 15.94 and a beta of 0.70. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92.

Institutional Trading of SouthState

A number of large investors have recently bought and sold shares of the company. Waldron Private Wealth LLC bought a new stake in SouthState during the 3rd quarter valued at $35,000. UMB Bank n.a. grew its position in shares of SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after purchasing an additional 192 shares in the last quarter. Blue Trust Inc. raised its stake in shares of SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock valued at $113,000 after purchasing an additional 167 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in SouthState during the 2nd quarter worth about $97,000. Finally, International Assets Investment Management LLC lifted its holdings in SouthState by 9,620.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after purchasing an additional 1,443 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.