Stephens Reaffirms Overweight Rating for SouthState (NASDAQ:SSB)

SouthState (NASDAQ:SSB)‘s stock had its “overweight” rating reissued by investment analysts at Stephens in a report released on Thursday,Benzinga reports. They presently have a $130.00 price target on the bank’s stock. Stephens’ price target would suggest a potential upside of 33.43% from the company’s current price.

SSB has been the topic of a number of other reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $120.00 target price (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Piper Sandler increased their price objective on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Citigroup began coverage on shares of SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target on the stock. UBS Group started coverage on shares of SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 price objective for the company. Finally, Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $112.56.

SouthState Stock Performance

Shares of SSB opened at $97.43 on Thursday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. SouthState has a 52-week low of $70.68 and a 52-week high of $114.26. The company has a 50-day simple moving average of $104.96 and a 200-day simple moving average of $95.79. The company has a market capitalization of $7.43 billion, a PE ratio of 15.04 and a beta of 0.69.

SouthState (NASDAQ:SSB) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. The company had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The firm’s quarterly revenue was down .4% compared to the same quarter last year. During the same period last year, the company posted $1.62 earnings per share. Equities research analysts predict that SouthState will post 6.94 earnings per share for the current fiscal year.

Institutional Trading of SouthState

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Waldron Private Wealth LLC purchased a new stake in SouthState during the third quarter valued at about $35,000. UMB Bank n.a. lifted its stake in shares of SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after purchasing an additional 192 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of SouthState during the 2nd quarter worth about $97,000. International Assets Investment Management LLC increased its position in SouthState by 9,620.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after purchasing an additional 1,443 shares in the last quarter. Finally, Central Pacific Bank Trust Division raised its holdings in SouthState by 15.7% in the fourth quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock valued at $183,000 after buying an additional 250 shares during the period. Hedge funds and other institutional investors 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.