SouthState (NASDAQ:SSB) Receives Overweight Rating from Stephens

SouthState (NASDAQ:SSB)‘s stock had its “overweight” rating restated by investment analysts at Stephens in a research report issued on Thursday,Benzinga reports. They presently have a $130.00 price target on the bank’s stock. Stephens’ price target would indicate a potential upside of 30.68% from the stock’s previous close.

Several other analysts have also commented on SSB. Citigroup began coverage on SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective for the company. Truist Financial cut their price target on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Piper Sandler boosted their target price on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $112.56.

SouthState Price Performance

NASDAQ SSB opened at $99.48 on Thursday. SouthState has a one year low of $70.68 and a one year high of $114.26. The stock has a 50-day moving average of $104.95 and a 200 day moving average of $95.61. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. The company has a market capitalization of $7.59 billion, a price-to-earnings ratio of 15.35 and a beta of 0.69.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating the consensus estimate 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 previous year, the company earned $1.62 earnings per share. The firm’s quarterly revenue was down .4% on a year-over-year basis. On average, sell-side analysts forecast that SouthState will post 6.94 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SSB. BIP Wealth LLC lifted its holdings in shares of SouthState by 605.2% in the third quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock worth $3,054,000 after buying an additional 26,966 shares in the last quarter. Stifel Financial Corp boosted its holdings in shares of SouthState by 10.5% during the 3rd quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock valued at $6,178,000 after purchasing an additional 6,062 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of SouthState by 3.7% during the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock valued at $69,178,000 after purchasing an additional 25,495 shares in the last quarter. HighTower Advisors LLC increased its holdings in shares of SouthState by 7.6% in the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock worth $1,083,000 after purchasing an additional 787 shares during the last quarter. Finally, Stieven Capital Advisors L.P. purchased a new stake in shares of SouthState in the third quarter worth about $9,086,000. 89.76% of the stock is currently owned by 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.