SouthState (NASDAQ:SSB) Stock Rating Upgraded by Citigroup

SouthState (NASDAQ:SSB) was upgraded by analysts at Citigroup from a “neutral” rating to a “buy” rating in a research report issued on Monday, MarketBeat Ratings reports. The brokerage currently has a $128.00 price target on the bank’s stock, up from their prior price target of $106.00. Citigroup’s price target would suggest a potential upside of 18.24% from the stock’s previous close.

SSB has been the topic of several other reports. Truist Financial lowered their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Stephens reissued an “overweight” rating and issued a $130.00 target price on shares of SouthState in a research report on Friday, January 24th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 price target (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Finally, UBS Group initiated coverage on shares of SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target for the company. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.44.

SouthState Stock Up 1.9 %

NASDAQ:SSB opened at $108.26 on Monday. 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 firm has a market cap of $8.26 billion, a P/E ratio of 16.71 and a beta of 0.70. SouthState has a fifty-two week low of $70.68 and a fifty-two week high of $114.26. The firm has a 50-day simple moving average of $103.39 and a two-hundred day simple moving average of $98.85.

Hedge Funds Weigh In On SouthState

A number of institutional investors have recently bought and sold shares of SSB. Geode Capital Management LLC grew its holdings in SouthState by 1.8% during the third quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank’s stock valued at $176,931,000 after purchasing an additional 31,340 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of SouthState by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock valued at $95,999,000 after buying an additional 72,181 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of SouthState by 4.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 731,802 shares of the bank’s stock valued at $71,117,000 after acquiring an additional 34,194 shares during the period. Fisher Asset Management LLC increased its holdings in SouthState by 3.7% in the 3rd quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after acquiring an additional 25,495 shares in the last quarter. Finally, Segall Bryant & Hamill LLC raised its stake in SouthState by 3.8% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 622,084 shares of the bank’s stock worth $60,454,000 after acquiring an additional 22,855 shares during the period. 89.76% of the stock is 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.