Stephens Reaffirms “Overweight” Rating for SouthState (NASDAQ:SSB)

SouthState (NASDAQ:SSB)‘s stock had its “overweight” rating reiterated by investment analysts at Stephens in a research note issued to investors on Friday,Benzinga reports. They presently have a $130.00 price target on the bank’s stock. Stephens’ target price points to a potential upside of 23.28% from the company’s previous close.

Several other research analysts have also recently weighed in on SSB. UBS Group started coverage on shares of SouthState in a report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Hovde Group cut shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Piper Sandler boosted their price target on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Citigroup started coverage on shares of SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target on the stock. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 price target (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $112.56.

SouthState Stock Up 7.0 %

Shares of NASDAQ:SSB traded up $6.86 during midday trading on Friday, hitting $105.45. 264,866 shares of the company’s stock were exchanged, compared to its average volume of 1,122,901. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. The stock has a 50 day moving average price of $103.53 and a 200-day moving average price of $98.01. The company has a market cap of $8.04 billion, a PE ratio of 16.26 and a beta of 0.70. SouthState has a 12 month low of $70.68 and a 12 month high of $114.26.

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

Institutional Trading of SouthState

A number of institutional investors have recently modified their holdings of SSB. BIP Wealth LLC increased its holdings in shares of SouthState by 605.2% in the 3rd quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock worth $3,054,000 after buying an additional 26,966 shares during the last quarter. Stifel Financial Corp increased its holdings in shares of SouthState by 10.5% in the 3rd quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock worth $6,178,000 after buying an additional 6,062 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of SouthState by 3.7% in the 3rd quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after buying an additional 25,495 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of SouthState by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock worth $39,736,000 after buying an additional 9,863 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new position in shares of SouthState in the 4th quarter worth $1,008,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

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.