SouthState (NASDAQ:SSB – Get Free Report)‘s stock had its “equal weight” rating reiterated by research analysts at Stephens in a report issued on Thursday, Benzinga reports. They presently have a $88.00 price target on the bank’s stock. Stephens’ price objective points to a potential downside of 9.38% from the stock’s previous close.
SSB has been the topic of several other reports. Raymond James upgraded shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target on the stock in a research note on Tuesday, May 21st. Keefe, Bruyette & Woods lifted their target price on shares of SouthState from $92.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, May 28th. Piper Sandler lifted their target price on shares of SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, May 29th. Finally, Truist Financial reduced their target price on shares of SouthState from $84.00 to $81.00 and set a “hold” rating for the company in a report on Monday, July 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, SouthState has a consensus rating of “Hold” and a consensus price target of $92.00.
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SouthState Trading Up 5.9 %
SouthState (NASDAQ:SSB – Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.25. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The company had revenue of $425.48 million for the quarter, compared to analysts’ expectations of $418.08 million. During the same period last year, the firm posted $1.63 earnings per share. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. As a group, sell-side analysts expect that SouthState will post 6.33 EPS for the current year.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of SSB. SageView Advisory Group LLC purchased a new stake in SouthState during the first quarter worth about $879,000. The Manufacturers Life Insurance Company boosted its position in SouthState by 2.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 720,801 shares of the bank’s stock worth $60,872,000 after purchasing an additional 13,905 shares during the period. BNP Paribas Financial Markets boosted 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 purchasing an additional 19,138 shares during the period. Vanguard Group Inc. boosted its position in shares of SouthState by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock valued at $713,461,000 after acquiring an additional 54,147 shares during the period. Finally, Fifth Third Wealth Advisors LLC bought a new position in shares of SouthState in the first quarter valued at approximately $2,754,000. 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.
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