Stephens Reaffirms “Overweight” Rating for SouthState (NASDAQ:SSB)

SouthState (NASDAQ:SSB)‘s stock had its “overweight” rating reiterated by research analysts at Stephens in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $130.00 target price on the bank’s stock. Stephens’ price target indicates a potential upside of 23.28% from the company’s current price.

SSB has been the subject of several other research reports. Piper Sandler increased their price target on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. UBS Group started coverage on shares of SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target for the company. Citigroup started coverage on shares of SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price for the company. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 target price (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Finally, Truist Financial dropped their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $112.56.

SouthState Trading Up 7.0 %

Shares of SouthState stock traded up $6.86 during trading on Friday, reaching $105.45. The company’s stock had a trading volume of 264,866 shares, compared to its average volume of 1,122,901. SouthState has a 52-week low of $70.68 and a 52-week high of $114.26. The company has a market cap of $8.04 billion, a price-to-earnings ratio of 16.26 and a beta of 0.70. The firm’s 50-day moving average is $103.53 and its two-hundred day moving average is $98.01. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.26. The business had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.62 EPS. On average, sell-side analysts anticipate that SouthState will post 6.99 earnings per share for the current year.

Institutional Trading of SouthState

A number of large investors have recently made changes to their positions in SSB. Renaissance Technologies LLC purchased a new position in shares of SouthState in the second quarter worth approximately $4,829,000. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of SouthState by 34.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 4,310 shares of the bank’s stock worth $329,000 after buying an additional 1,099 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of SouthState in the second quarter worth approximately $527,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of SouthState in the second quarter worth approximately $97,000. Finally, AQR Capital Management LLC boosted its holdings in shares of SouthState by 214.5% in the second quarter. AQR Capital Management LLC now owns 36,711 shares of the bank’s stock worth $2,769,000 after buying an additional 25,037 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Company Profile

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.