JPMorgan Chase & Co. Issues Pessimistic Forecast for SouthState Bank (NYSE:SSB) Stock Price

SouthState Bank (NYSE:SSB) had its price objective decreased by JPMorgan Chase & Co. from $125.00 to $120.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 21.33% from the company’s previous close.

SSB has been the topic of several other research reports. Citigroup increased their price objective on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. TD Cowen increased their price target on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Wall Street Zen downgraded shares of SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. DA Davidson reiterated a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a research report on Wednesday, June 10th. Finally, Stephens restated an “overweight” rating and issued a $116.00 price target on shares of SouthState Bank in a research report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $119.08.

SouthState Bank Stock Performance

Shares of SSB traded down $0.65 during trading hours on Thursday, hitting $98.91. The stock had a trading volume of 165,055 shares, compared to its average volume of 820,313. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93. SouthState Bank has a 12 month low of $84.47 and a 12 month high of $112.20. The firm has a market capitalization of $9.59 billion, a PE ratio of 10.38 and a beta of 0.72. The stock has a fifty day moving average price of $106.02 and a 200 day moving average price of $99.71.

SouthState Bank (NYSE:SSB) last posted its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The company had revenue of $672.67 million for the quarter, compared to the consensus estimate of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same quarter in the prior year, the company earned $2.30 earnings per share. Analysts anticipate that SouthState Bank will post 9.46 EPS for the current year.

Insiders Place Their Bets

In other SouthState Bank news, CFO William Matthews sold 4,000 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the transaction, the chief financial officer owned 40,568 shares of the company’s stock, valued at $4,419,072.24. This represents a 8.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the transaction, the director owned 7,900 shares of the company’s stock, valued at approximately $869,000. The trade was a 75.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 34,831 shares of company stock worth $3,814,274. 1.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SouthState Bank

Hedge funds have recently made changes to their positions in the company. FJ Capital Management LLC raised its holdings in shares of SouthState Bank by 54.0% during the 4th quarter. FJ Capital Management LLC now owns 813,033 shares of the company’s stock worth $76,515,000 after acquiring an additional 285,091 shares in the last quarter. Cibc World Market Inc. purchased a new position in shares of SouthState Bank in the second quarter valued at $1,823,000. Y Intercept Hong Kong Ltd purchased a new position in shares of SouthState Bank in the first quarter valued at $4,898,000. Geode Capital Management LLC increased its position in SouthState Bank by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock worth $175,653,000 after purchasing an additional 85,981 shares during the last quarter. Finally, NFJ Investment Group LLC bought a new stake in SouthState Bank in the fourth quarter worth $30,930,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

About SouthState Bank

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial products and services to individuals, businesses, institutions and municipalities, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, and lines of credit.

Its business also includes commercial banking, treasury and cash-management services, equipment financing, small-business lending, and wealth-management and trust services.