SouthState Co. (NASDAQ:SSB) Receives Average Rating of “Moderate Buy” from Analysts

Shares of SouthState Co. (NASDAQ:SSB) have received a consensus rating of “Moderate Buy” from the nine brokerages that are covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $112.56.

A number of analysts have recently weighed in on the company. Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Citigroup initiated coverage on shares of SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective for the company. Piper Sandler boosted their target price on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Truist Financial decreased their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th.

SouthState Stock Performance

NASDAQ SSB opened at $101.01 on Wednesday. SouthState has a 1-year low of $70.68 and a 1-year high of $114.26. The company has a 50 day moving average of $103.68 and a 200-day moving average of $98.00. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The firm has a market cap of $7.71 billion, a price-to-earnings ratio of 15.59 and a beta of 0.70.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. The firm had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The business’s revenue was down .4% on a year-over-year basis. During the same period last year, the firm posted $1.62 EPS. On average, equities analysts forecast that SouthState will post 6.99 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Waldron Private Wealth LLC acquired a new position in SouthState in the third quarter valued at about $35,000. UMB Bank n.a. grew its position in shares of SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after buying an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of SouthState in the 2nd quarter valued at about $97,000. International Assets Investment Management LLC raised its position in shares of SouthState by 9,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock valued at $142,000 after acquiring an additional 1,443 shares during the period. Finally, William B. Walkup & Associates Inc. bought a new position in SouthState during the 2nd quarter worth approximately $151,000. 89.76% of the stock is currently owned by institutional investors.

About SouthState

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.