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

SouthState (NASDAQ:SSB) had its target price decreased by Barclays from $120.00 to $115.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Barclays‘s price target suggests a potential upside of 31.75% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Raymond James upgraded shares of SouthState from an “outperform” rating to a “strong-buy” rating and decreased their target price for the company from $120.00 to $115.00 in a research note on Wednesday, April 2nd. UBS Group began coverage on SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price objective for the company. Stephens reissued an “overweight” rating and issued a $130.00 target price on shares of SouthState in a research report on Friday, March 7th. Finally, Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and upped their price target for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $117.90.

SouthState Stock Performance

Shares of SSB stock opened at $87.29 on Tuesday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a 50 day moving average price of $95.62 and a 200-day moving average price of $99.76. SouthState has a 52 week low of $70.68 and a 52 week high of $114.27. The firm has a market capitalization of $8.85 billion, a PE ratio of 12.54 and a beta of 0.65.

Insider Buying and Selling

In other SouthState news, CFO William E. V. Matthews sold 6,531 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total value of $707,241.99. Following the completion of the transaction, the chief financial officer now directly owns 34,107 shares in the company, valued at $3,693,447.03. This represents a 16.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Janet P. Froetscher acquired 2,717 shares of the business’s stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $92.02 per share, with a total value of $250,018.34. Following the completion of the acquisition, the director now owns 4,689 shares in the company, valued at approximately $431,481.78. This represents a 137.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SouthState

Several institutional investors have recently bought and sold shares of the stock. Stifel Financial Corp increased its stake in 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 acquiring an additional 6,062 shares during the last quarter. JPMorgan Chase & Co. increased its position in SouthState by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock worth $39,736,000 after purchasing an additional 9,863 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in SouthState during the fourth quarter valued at $1,008,000. HighTower Advisors LLC raised its stake in SouthState by 7.6% during the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock valued at $1,083,000 after purchasing an additional 787 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in SouthState during the third quarter valued at $265,000. 89.76% of the stock is 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.