SouthState (NASDAQ:SSB) Earns Overweight Rating from Stephens

SouthState (NASDAQ:SSB)‘s stock had its “overweight” rating reiterated by research analysts at Stephens in a research note issued on Monday,Benzinga reports. They presently have a $119.00 price objective on the bank’s stock. Stephens’ price objective suggests a potential upside of 35.72% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and upped their price target for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Raymond James upgraded shares of SouthState from an “outperform” rating to a “strong-buy” rating and decreased their target price for the stock from $120.00 to $115.00 in a research report on Wednesday, April 2nd. Finally, Barclays reduced their price objective on SouthState from $120.00 to $115.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, SouthState has an average rating of “Moderate Buy” and a consensus target price of $116.60.

SouthState Stock Up 0.2 %

NASDAQ:SSB opened at $87.68 on Monday. The firm has a market capitalization of $8.89 billion, a PE ratio of 12.60 and a beta of 0.65. SouthState has a 52 week low of $70.68 and a 52 week high of $114.27. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock has a 50 day moving average of $90.35 and a 200-day moving average of $98.74.

Insider Transactions at SouthState

In related news, Director G Stacy Smith acquired 3,100 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were purchased at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the acquisition, the director now owns 36,779 shares in the company, valued at approximately $3,442,514.40. This represents a 9.20 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sara Arana sold 1,991 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $100.78, for a total transaction of $200,652.98. Following the completion of the transaction, the chief accounting officer now owns 4,787 shares of the company’s stock, valued at approximately $482,433.86. The trade was a 29.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On SouthState

Several hedge funds have recently bought and sold shares of SSB. Quadrant Capital Group LLC lifted its position in SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock worth $51,000 after buying an additional 99 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in SouthState by 0.5% during the fourth quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank’s stock valued at $2,109,000 after purchasing an additional 100 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in SouthState by 1.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank’s stock valued at $949,000 after purchasing an additional 112 shares in the last quarter. Bragg Financial Advisors Inc raised its stake in shares of SouthState by 4.3% during the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank’s stock worth $276,000 after purchasing an additional 115 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in shares of SouthState by 5.7% during the 4th quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank’s stock valued at $231,000 after buying an additional 126 shares during 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.