Barclays Initiates Coverage on SouthState (NASDAQ:SSB)

Investment analysts at Barclays started coverage on shares of SouthState (NASDAQ:SSB) in a research report issued on Tuesday,Benzinga reports. The brokerage set an “overweight” rating and a $120.00 price target on the bank’s stock. Barclays‘s target price would indicate a potential upside of 29.16% from the company’s previous close.

Several other research analysts also recently weighed in on SSB. UBS Group started coverage on SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target for the company. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and upped their target price for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Finally, Stephens reaffirmed an “overweight” rating and set a $130.00 target price on shares of SouthState in a research note on Friday, March 7th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, SouthState has an average rating of “Moderate Buy” and a consensus price target of $115.90.

SouthState Price Performance

NASDAQ:SSB opened at $92.91 on Tuesday. The stock has a market cap of $9.42 billion, a PE ratio of 13.35 and a beta of 0.68. 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 business’s 50-day simple moving average is $98.92 and its two-hundred day simple moving average is $100.60. SouthState has a 52 week low of $70.68 and a 52 week high of $114.27.

Insiders Place Their Bets

In other news, CAO Sara Arana sold 1,991 shares of SouthState stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $100.78, for a total value of $200,652.98. Following the completion of the transaction, the chief accounting officer now owns 4,787 shares in the company, valued at approximately $482,433.86. The trade was a 29.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Janet P. Froetscher bought 2,717 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were bought at an average cost of $92.02 per share, for a total transaction of $250,018.34. Following the transaction, the director now owns 4,689 shares in the company, valued at approximately $431,481.78. The trade was a 137.78 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.70% of the company’s stock.

Institutional Trading of SouthState

Several institutional investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its position in shares of SouthState by 48.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,314 shares of the bank’s stock worth $2,916,000 after purchasing an additional 9,594 shares during the last quarter. Forum Financial Management LP bought a new stake in SouthState during the 4th quarter valued at about $260,000. GTS Securities LLC purchased a new stake in SouthState in the 4th quarter valued at about $594,000. Vise Technologies Inc. purchased a new position in shares of SouthState during the fourth quarter worth approximately $345,000. Finally, CSS LLC IL bought a new stake in shares of SouthState during the fourth quarter valued at approximately $3,081,000. 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.