Citigroup Has Lowered Expectations for SouthState Bank (NYSE:SSB) Stock Price

SouthState Bank (NYSE:SSB) had its price objective reduced by equities researchers at Citigroup from $116.00 to $115.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 14.28% from the stock’s current price.

SSB has been the topic of several other reports. Barclays reduced their price target on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. DA Davidson reissued a “buy” rating and issued a $125.00 target price on shares of SouthState Bank in a research note on Wednesday, June 10th. Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. TD Cowen decreased their target price on SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Finally, Truist Financial lowered their price target on SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $118.23.

SouthState Bank Trading Up 0.9%

SSB stock traded up $0.88 during midday trading on Thursday, reaching $100.63. The company’s stock had a trading volume of 427,427 shares, compared to its average volume of 833,460. The business’s 50-day simple moving average is $96.05 and its 200-day simple moving average is $96.88. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. SouthState Bank has a 52 week low of $84.47 and a 52 week high of $108.46. The stock has a market cap of $9.83 billion, a PE ratio of 10.85 and a beta of 0.70.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, beating the consensus estimate of $2.21 by $0.07. The company had revenue of $661.70 million during the quarter, compared to analysts’ expectations of $669.28 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same quarter in the previous year, the company posted $0.87 EPS. As a group, sell-side analysts expect that SouthState Bank will post 9.5 EPS for the current year.

Insider Activity at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the sale, the director owned 12,700 shares in the company, valued at $1,249,553. This represents a 52.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SSB. Norges Bank bought a new stake in shares of SouthState Bank in the fourth quarter worth about $125,940,000. AQR Capital Management LLC lifted its holdings in shares of SouthState Bank by 269.4% during the 3rd quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock valued at $120,530,000 after purchasing an additional 889,042 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of SouthState Bank by 810.7% during the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock valued at $69,548,000 after purchasing an additional 672,721 shares in the last quarter. Deprince Race & Zollo Inc. grew its position in shares of SouthState Bank by 346.0% in the 1st quarter. Deprince Race & Zollo Inc. now owns 728,548 shares of the company’s stock valued at $67,405,000 after purchasing an additional 565,196 shares during the period. Finally, Schroder Investment Management Group acquired a new position in shares of SouthState Bank in the 4th quarter valued at approximately $43,631,000. 89.76% of the stock is owned by institutional investors and hedge funds.

About SouthState Bank

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.