SouthState (NASDAQ:SSB) Upgraded to Outperform by Keefe, Bruyette & Woods

SouthState (NASDAQ:SSBGet Rating) was upgraded by investment analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research note issued on Thursday, The Fly reports.

SSB has been the subject of a number of other reports. StockNews.com downgraded SouthState from a “hold” rating to a “sell” rating in a research report on Monday, May 23rd. DA Davidson cut their price objective on SouthState to $91.00 and set a “na” rating for the company in a research report on Monday, May 16th. Zacks Investment Research raised shares of SouthState from a “hold” rating to a “buy” rating and set a $93.00 target price on the stock in a research note on Wednesday, March 30th. Finally, Raymond James boosted their target price on shares of SouthState from $92.00 to $93.00 and gave the company an “outperform” rating in a research note on Wednesday, April 6th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, SouthState presently has an average rating of “Buy” and an average price target of $86.54.

Shares of SSB traded up $1.21 during midday trading on Thursday, reaching $80.52. 237,304 shares of the company were exchanged, compared to its average volume of 390,300. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.07. SouthState has a 1-year low of $62.60 and a 1-year high of $93.34. The stock has a 50-day moving average price of $78.65 and a 200-day moving average price of $82.19. The company has a market cap of $6.08 billion, a price-to-earnings ratio of 13.33 and a beta of 0.81.

SouthState (NASDAQ:SSBGet Rating) last announced its quarterly earnings data on Thursday, April 28th. The bank reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.38. The firm had revenue of $347.56 million during the quarter, compared to analyst estimates of $349.97 million. SouthState had a return on equity of 10.33% and a net margin of 30.19%. SouthState’s quarterly revenue was down 3.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.17 earnings per share. Equities research analysts anticipate that SouthState will post 6.59 earnings per share for the current year.

In related news, insider Greg A. Lapointe sold 300 shares of SouthState stock in a transaction on Monday, March 21st. The shares were sold at an average price of $85.60, for a total transaction of $25,680.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Greg A. Lapointe sold 1,470 shares of SouthState stock in a transaction on Tuesday, March 8th. The stock was sold at an average price of $82.15, for a total transaction of $120,760.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,720 shares of company stock worth $567,290. 1.88% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of SSB. Liberty Wealth Management LLC boosted its position in SouthState by 102.5% during the 3rd quarter. Liberty Wealth Management LLC now owns 328 shares of the bank’s stock valued at $26,000 after buying an additional 166 shares during the period. Sound Income Strategies LLC raised its stake in SouthState by 166.7% during the 1st quarter. Sound Income Strategies LLC now owns 480 shares of the bank’s stock worth $39,000 after acquiring an additional 300 shares during the period. Trust Co. of Vermont bought a new stake in shares of SouthState during the fourth quarter valued at approximately $52,000. Andrew Hill Investment Advisors Inc. bought a new stake in SouthState in the fourth quarter worth $53,000. Finally, Ensign Peak Advisors Inc purchased a new position in SouthState during the first quarter worth $54,000. 86.23% of the stock is currently owned by institutional investors.

About SouthState (Get Rating)

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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.

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