Barclays Issues Pessimistic Forecast for SouthState Bank (NYSE:SSB) Stock Price

SouthState Bank (NYSE:SSB) had its price target lowered by research analysts at Barclays from $128.00 to $125.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price indicates a potential upside of 39.51% from the stock’s current price.

A number of other research firms have also weighed in on SSB. Stephens decreased their target price on shares of SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, July 27th. DA Davidson lowered their price objective on SouthState Bank from $117.00 to $112.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. TD Cowen dropped their target price on SouthState Bank from $127.00 to $120.00 and set a “buy” rating for the company in a report on Monday, October 27th. Finally, Piper Sandler reduced their price target on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a report on Monday, October 27th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, SouthState Bank currently has a consensus rating of “Buy” and a consensus target price of $115.31.

SouthState Bank Stock Up 0.9%

Shares of SSB opened at $89.60 on Tuesday. SouthState Bank has a 52-week low of $77.74 and a 52-week high of $114.26. The firm has a market cap of $9.01 billion, a PE ratio of 12.32 and a beta of 0.77. The business’s fifty day simple moving average is $96.06. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.93.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.38. The firm had revenue of $698.78 million for the quarter, compared to the consensus estimate of $660.41 million. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. During the same period last year, the firm posted $1.90 earnings per share.

Insider Activity at SouthState Bank

In related news, insider Daniel E. Bockhorst sold 5,000 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total value of $498,000.00. Following the sale, the insider owned 31,785 shares in the company, valued at approximately $3,165,786. The trade was a 13.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Institutional Trading of SouthState Bank

Several hedge funds have recently made changes to their positions in SSB. Rise Advisors LLC acquired a new position in shares of SouthState Bank in the first quarter valued at approximately $33,000. Mather Group LLC. acquired a new position in shares of SouthState Bank in the third quarter worth $33,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of SouthState Bank during the second quarter worth $34,000. Global Retirement Partners LLC raised its stake in shares of SouthState Bank by 106.8% in the third quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock valued at $36,000 after acquiring an additional 188 shares in the last quarter. Finally, True Wealth Design LLC boosted its holdings in SouthState Bank by 37,700.0% in the third quarter. True Wealth Design LLC now owns 378 shares of the company’s stock valued at $37,000 after purchasing an additional 377 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

About SouthState Bank

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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.