SouthState Bank (NYSE:SSB) Raised to Hold at UBS Group

SouthState Bank (NYSE:SSB) was upgraded by research analysts at UBS Group to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

SSB has been the topic of several other reports. DA Davidson reissued a “buy” rating and set a $125.00 price target on shares of SouthState Bank in a research note on Wednesday, June 10th. Truist Financial dropped their price objective on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Barclays decreased their price objective on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a research report on Tuesday. JPMorgan Chase & Co. lifted their price objective on SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings cut SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $117.50.

SouthState Bank Stock Performance

SouthState Bank stock opened at $99.38 on Tuesday. The stock has a 50-day simple moving average of $96.50 and a 200 day simple moving average of $97.25. The stock has a market capitalization of $9.71 billion, a price-to-earnings ratio of 10.72 and a beta of 0.70. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. SouthState Bank has a 12-month low of $84.47 and a 12-month high of $108.46.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.07. The firm had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.28 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same quarter in the prior year, the firm earned $0.87 EPS. On average, research analysts anticipate that SouthState Bank will post 9.51 earnings per share for the current fiscal year.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the firm’s 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 transaction, the director owned 12,700 shares in the company, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.70% of the company’s stock.

Institutional Trading of SouthState Bank

A number of hedge funds have recently modified their holdings of SSB. Norges Bank bought a new stake in SouthState Bank in the fourth quarter valued at approximately $125,940,000. AQR Capital Management LLC grew its holdings in shares of SouthState Bank by 269.4% in the 3rd quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock valued at $120,530,000 after buying an additional 889,042 shares during the period. Jane Street Group LLC grew its holdings in shares of SouthState Bank by 810.7% in the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock valued at $69,548,000 after buying an additional 672,721 shares during the period. Deprince Race & Zollo Inc. increased its position in shares of SouthState Bank by 346.0% in the 1st quarter. Deprince Race & Zollo Inc. now owns 728,548 shares of the company’s stock valued at $67,405,000 after buying an additional 565,196 shares in the last quarter. Finally, Schroder Investment Management Group bought a new stake in shares of SouthState Bank in the 4th quarter valued at $43,631,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Company Profile

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.