Keefe, Bruyette & Woods Reiterates Outperform Rating for SouthState (NASDAQ:SSB)

SouthState (NASDAQ:SSB)‘s stock had its “outperform” rating reiterated by investment analysts at Keefe, Bruyette & Woods in a report issued on Thursday, Benzinga reports. They presently have a $120.00 target price on the bank’s stock, up from their prior target price of $115.00. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 8.92% from the stock’s current price.

A number of other research analysts have also recently weighed in on the stock. DA Davidson raised their price objective on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Hovde Group raised their price objective on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Stephens raised their price objective on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Citigroup started coverage on shares of SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective for the company. Finally, Piper Sandler raised their price objective on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $105.11.

SouthState Trading Down 1.1 %

NASDAQ SSB traded down $1.25 on Thursday, reaching $110.17. The stock had a trading volume of 156,032 shares, compared to its average volume of 482,637. SouthState has a 12-month low of $67.72 and a 12-month high of $111.99. The stock has a fifty day moving average price of $97.26 and a two-hundred day moving average price of $87.52. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $8.40 billion, a price-to-earnings ratio of 17.08 and a beta of 0.66.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same quarter in the prior year, the company posted $1.62 earnings per share. SouthState’s revenue for the quarter was down .4% compared to the same quarter last year. As a group, sell-side analysts forecast that SouthState will post 6.92 EPS for the current fiscal year.

Insider Buying and Selling

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the business’s 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 completion of the transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at $3,696,400. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the insider now owns 33,328 shares in the company, valued at $3,332,800. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SouthState

A number of hedge funds have recently made changes to their positions in the business. SageView Advisory Group LLC bought a new position in shares of SouthState in the 1st quarter valued at about $879,000. BNP Paribas Financial Markets raised its position in SouthState by 82.5% during the first quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock worth $3,601,000 after acquiring an additional 19,138 shares in the last quarter. Janney Montgomery Scott LLC raised its position in SouthState by 107.4% during the first quarter. Janney Montgomery Scott LLC now owns 19,006 shares of the bank’s stock worth $1,616,000 after acquiring an additional 9,843 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of SouthState in the first quarter valued at $562,000. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in shares of SouthState by 234.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank’s stock valued at $2,003,000 after purchasing an additional 18,374 shares during the last quarter. Institutional investors and hedge funds 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.