Stephens Reaffirms Overweight Rating for SouthState (NASDAQ:SSB)

SouthState (NASDAQ:SSB)‘s stock had its “overweight” rating reaffirmed by Stephens in a research note issued on Friday,Benzinga reports. They presently have a $130.00 price target on the bank’s stock. Stephens’ price target would indicate a potential upside of 25.86% from the stock’s previous close.

A number of other brokerages also recently commented on SSB. Truist Financial dropped their price objective on shares of 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 note on Wednesday, November 13th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $120.00 target price (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. UBS Group initiated coverage on shares of SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price on the stock. Finally, Citigroup started coverage on shares of SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price for the company. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, SouthState has an average rating of “Moderate Buy” and a consensus target price of $112.56.

SouthState Stock Up 4.8 %

Shares of NASDAQ:SSB opened at $103.29 on Friday. The business has a 50-day moving average price of $103.32 and a 200 day moving average price of $98.36. The company has a market capitalization of $7.88 billion, a price-to-earnings ratio of 15.94 and a beta of 0.70. SouthState has a 12-month low of $70.68 and a 12-month high of $114.26. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The business had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. During the same quarter in the prior year, the company earned $1.62 earnings per share. The business’s quarterly revenue was down .4% on a year-over-year basis. Sell-side analysts expect that SouthState will post 6.99 EPS for the current year.

Hedge Funds Weigh In On SouthState

Institutional investors have recently made changes to their positions in the business. Caprock Group LLC raised its stake in SouthState by 5.8% during the fourth quarter. Caprock Group LLC now owns 2,567 shares of the bank’s stock valued at $255,000 after buying an additional 140 shares in the last quarter. Perigon Wealth Management LLC bought a new position in SouthState in the 4th quarter worth approximately $233,000. Pacer Advisors Inc. grew its position in SouthState by 1.9% in the 4th quarter. Pacer Advisors Inc. now owns 11,371 shares of the bank’s stock valued at $1,131,000 after buying an additional 207 shares in the last quarter. KBC Group NV increased its stake in shares of SouthState by 35.3% during the fourth quarter. KBC Group NV now owns 3,106 shares of the bank’s stock valued at $309,000 after acquiring an additional 810 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of SouthState by 16.8% in the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after buying an additional 167 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

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.