Piper Sandler Lowers SouthState (NASDAQ:SSB) Price Target to $95.00

SouthState (NASDAQ:SSB) had its price objective dropped by research analysts at Piper Sandler from $98.00 to $95.00 in a report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Piper Sandler’s price objective indicates a potential upside of 25.40% from the stock’s previous close.

SSB has been the subject of several other reports. Raymond James cut shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. Truist Financial decreased their target price on shares of SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a research note on Monday. UBS Group raised their target price on shares of SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, January 29th. Finally, DA Davidson reissued a “buy” rating and issued a $102.00 target price (up from $96.00) on shares of SouthState in a research note on Monday, January 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $88.17.

SouthState Price Performance

NASDAQ SSB opened at $75.76 on Monday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.07. SouthState has a 12-month low of $59.51 and a 12-month high of $87.77. The company has a market capitalization of $5.78 billion, a PE ratio of 12.36 and a beta of 0.74. The firm’s 50 day moving average is $81.07 and its 200-day moving average is $79.15.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The company had revenue of $415.49 million for the quarter, compared to the consensus estimate of $414.32 million. During the same period last year, the company earned $1.93 earnings per share. The firm’s revenue was down 8.2% compared to the same quarter last year. Equities research analysts anticipate that SouthState will post 6.48 earnings per share for the current fiscal year.

Insider Activity

In other SouthState news, President Richard Iv Murray sold 4,900 shares of the 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 transaction, the president now owns 58,968 shares in the company, valued at approximately $4,826,530.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction dated 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 owns 35,828 shares in the company, valued at approximately $2,902,068. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Richard Iv Murray sold 4,900 shares of SouthState stock in a transaction dated 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 sale, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

Institutional Trading of SouthState

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in SouthState by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock worth $713,461,000 after purchasing an additional 54,147 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of SouthState by 1.2% in the 3rd quarter. Victory Capital Management Inc. now owns 2,884,632 shares of the bank’s stock valued at $194,309,000 after buying an additional 35,291 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of SouthState by 3.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,882,211 shares of the bank’s stock valued at $243,408,000 after buying an additional 94,637 shares in the last quarter. Franklin Resources Inc. raised its position in shares of SouthState by 26.8% in the 4th quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock valued at $186,485,000 after buying an additional 466,144 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of SouthState by 4.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,187,264 shares of the bank’s stock valued at $79,974,000 after buying an additional 49,472 shares in 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.