Barclays Forecasts Strong Price Appreciation for SouthState Bank (NYSE:SSB) Stock

SouthState Bank (NYSE:SSB) had its target price hoisted by analysts at Barclays from $120.00 to $128.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price indicates a potential upside of 19.68% from the company’s current price.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. decreased their price objective on shares of SouthState Bank from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Thursday, October 1st. Truist Financial lifted their price target on shares of SouthState Bank from $113.00 to $118.00 and gave the company a “buy” rating in a research report on Wednesday, October 28th. TD Cowen reduced their price target on shares of SouthState Bank from $120.00 to $116.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Piper Sandler boosted their price target on SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of SouthState Bank in a report on Monday, October 12th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $119.62.

SouthState Bank Price Performance

Shares of NYSE SSB traded down $0.06 during trading on Tuesday, hitting $106.95. 40,977 shares of the company were exchanged, compared to its average volume of 817,922. The company has a market cap of $10.37 billion, a price-to-earnings ratio of 11.36 and a beta of 0.78. SouthState Bank has a 1 year low of $84.47 and a 1 year high of $112.20. The firm’s fifty day moving average price is $103.64 and its 200 day moving average price is $100.29. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.95 and a quick ratio of 0.95.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Wednesday, October 21st. The company reported $2.30 earnings per share for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.10). SouthState Bank had a return on equity of 10.23% and a net margin of 24.63%. The company had revenue of $685.43 million for the quarter, compared to analyst estimates of $691.13 million. During the same period last year, the company earned $2.58 earnings per share. On average, sell-side analysts expect that SouthState Bank will post 9.35 earnings per share for the current fiscal year.

Insider Activity

In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the completion of the transaction, the director directly owned 7,900 shares in the company, valued at approximately $869,000. This trade represents a 75.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO William Matthews sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the transaction, the chief financial officer owned 40,568 shares of the company’s stock, valued at $4,419,072.24. This trade represents a 8.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.70% of the stock is owned by insiders.

Institutional Trading of SouthState Bank

Large investors have recently modified their holdings of the business. Alps Advisors Inc. purchased a new stake in shares of SouthState Bank during the 3rd quarter worth about $545,000. Commonwealth Equity Services LLC increased its position in SouthState Bank by 1.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 15,967 shares of the company’s stock worth $1,590,000 after purchasing an additional 228 shares in the last quarter. Chicago Partners Investment Group LLC raised its holdings in SouthState Bank by 28.0% in the third quarter. Chicago Partners Investment Group LLC now owns 7,651 shares of the company’s stock valued at $807,000 after buying an additional 1,673 shares during the period. Provenance Wealth Advisors LLC purchased a new position in SouthState Bank in the third quarter valued at approximately $47,000. Finally, Sumitomo Mitsui Trust Group Inc. purchased a new position in SouthState Bank in the third quarter valued at approximately $262,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Company Profile

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.