UBS Group Initiates Coverage on SouthState (NASDAQ:SSB)

Equities researchers at UBS Group started coverage on shares of SouthState (NASDAQ:SSB) in a research note issued on Tuesday. The brokerage set a “buy” rating on the bank’s stock.

Several other research firms have also issued reports on SSB. Piper Sandler boosted their target price on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Citigroup began coverage on shares of SouthState in a 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 price objective (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Truist Financial dropped their target price on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Finally, Stephens upgraded SouthState from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, SouthState has an average rating of “Moderate Buy” and an average price target of $105.11.

SouthState Trading Down 1.4 %

SSB traded down $1.53 during trading on Tuesday, reaching $106.91. 63,111 shares of the company’s stock were exchanged, compared to its average volume of 490,047. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. The company’s fifty day moving average price is $104.42 and its 200-day moving average price is $93.48. SouthState has a fifty-two week low of $70.68 and a fifty-two week high of $114.26. The firm has a market capitalization of $8.16 billion, a PE ratio of 16.50 and a beta of 0.69.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. The firm 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 company’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter last year, the company posted $1.62 earnings per share. As a group, equities analysts forecast that SouthState will post 6.94 EPS for the current year.

Insider Buying and Selling

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This trade represents a 11.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. The trade was a 6.98 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SouthState

A number of large investors have recently modified their holdings of the business. Fisher Asset Management LLC grew its holdings in shares of SouthState by 3.7% during the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after buying an additional 25,495 shares in the last quarter. BIP Wealth LLC increased its stake in SouthState by 605.2% during the 3rd quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock worth $3,054,000 after buying an additional 26,966 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in SouthState by 14.4% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 123,482 shares of the bank’s stock valued at $9,437,000 after purchasing an additional 15,500 shares during the period. Stifel Financial Corp raised its holdings in SouthState by 10.5% in the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock valued at $6,178,000 after acquiring an additional 6,062 shares in the last quarter. Finally, Mesirow Institutional Investment Management Inc. grew its stake in shares of SouthState by 17.6% during the second quarter. Mesirow Institutional Investment Management Inc. now owns 201,724 shares of the bank’s stock worth $15,416,000 after purchasing an additional 30,234 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

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.