DA Davidson Reiterates “Buy” Rating for SouthState Bank (NYSE:SSB)

SouthState Bank (NYSE:SSB)‘s stock had its “buy” rating reissued by stock analysts at DA Davidson in a note issued to investors on Wednesday,Benzinga reports. They presently have a $125.00 price objective on the stock. DA Davidson’s target price would suggest a potential upside of 29.29% from the stock’s current price.

SSB has been the topic of a number of other reports. Wall Street Zen upgraded shares of SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. TD Cowen cut their price target on SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Weiss Ratings downgraded SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Hovde Group increased their price target on SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Finally, JPMorgan Chase & Co. increased their price target on SouthState Bank from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $118.62.

SouthState Bank Trading Up 1.1%

SouthState Bank stock traded up $1.02 during trading hours on Wednesday, reaching $96.68. 230,463 shares of the company’s stock traded hands, compared to its average volume of 838,482. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. SouthState Bank has a fifty-two week low of $84.47 and a fifty-two week high of $108.46. The firm has a market capitalization of $9.44 billion, a price-to-earnings ratio of 10.44 and a beta of 0.70. The firm’s 50 day moving average is $95.48 and its 200-day moving average is $96.25.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. The company had revenue of $661.70 million for the quarter, compared to the consensus estimate of $669.29 million. During the same period in the prior year, the company posted $0.87 EPS. On average, analysts predict that SouthState Bank will post 9.49 earnings per share for the current year.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the completion of the transaction, the director owned 12,700 shares in the company, valued at approximately $1,249,553. This represents a 52.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On SouthState Bank

Hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its stake in shares of SouthState Bank by 4.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company’s stock worth $37,675,000 after acquiring an additional 16,974 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of SouthState Bank by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 10,775,431 shares of the company’s stock worth $1,065,367,000 after acquiring an additional 130,358 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of SouthState Bank by 350.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company’s stock worth $2,100,000 after acquiring an additional 17,365 shares in the last quarter. UBS Group AG grew its stake in shares of SouthState Bank by 23.5% during the 4th quarter. UBS Group AG now owns 568,441 shares of the company’s stock worth $53,496,000 after acquiring an additional 108,192 shares in the last quarter. Finally, Daytona Street Capital LLC bought a new position in shares of SouthState Bank during the 4th quarter worth approximately $1,054,000. 89.76% of the stock is owned by institutional investors.

About SouthState Bank

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.