SouthState (NASDAQ:SSB) Stock Rating Lowered by Hovde Group

SouthState (NASDAQ:SSB) was downgraded by analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a research note issued on Wednesday, Marketbeat reports.

Several other analysts also recently commented on the stock. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $120.00 target price (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Stephens boosted their target price on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Citigroup assumed coverage on shares of SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price 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 report on Friday, October 25th. Finally, Truist Financial decreased their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $105.11.

SouthState Stock Performance

SouthState stock opened at $106.49 on Wednesday. The firm’s 50 day simple moving average is $98.68 and its 200-day simple moving average is $88.67. The company has a market cap of $8.12 billion, a P/E ratio of 15.40 and a beta of 0.66. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. SouthState has a fifty-two week low of $70.68 and a fifty-two week high of $113.14.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $429.47 million. During the same period in the previous year, the firm posted $1.62 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. As a group, equities research analysts predict that SouthState will post 6.92 EPS for the current year.

Insider Activity

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. This represents a 11.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. This represents a 6.98 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SSB. Waldron Private Wealth LLC acquired a new stake in SouthState during the 3rd quarter worth approximately $35,000. UMB Bank n.a. raised its holdings in 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. GAMMA Investing LLC raised its holdings in SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after buying an additional 333 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in SouthState during the 2nd quarter worth approximately $97,000. Finally, International Assets Investment Management LLC raised its holdings 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 buying an additional 1,443 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.