SouthState Co. (NASDAQ:SSB) Receives Consensus Rating of “Moderate Buy” from Analysts

SouthState Co. (NASDAQ:SSB – Get Rating) has been given an average recommendation of “Moderate Buy” by the seven research firms that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $94.25.

A number of equities research analysts have issued reports on the company. Raymond James boosted their price target on SouthState from $95.00 to $98.00 and gave the company an “outperform” rating in a research report on Wednesday, October 26th. StockNews.com began coverage on SouthState in a report on Wednesday, October 12th. They set a “hold” rating for the company. Truist Financial lowered their target price on shares of SouthState from $103.00 to $96.00 in a research report on Friday, December 9th. Finally, Piper Sandler raised SouthState from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $92.00 to $96.00 in a research report on Wednesday, September 28th.

Insider Transactions at SouthState

In other news, Director G Ruffner Page, Jr. purchased 6,300 shares of the business’s stock in a transaction that occurred on Tuesday, December 13th. The shares were acquired at an average cost of $78.94 per share, for a total transaction of $497,322.00. Following the completion of the acquisition, the director now owns 58,935 shares in the company, valued at $4,652,328.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other SouthState news, Director G Ruffner Page, Jr. purchased 6,300 shares of the company’s stock in a transaction that occurred on Tuesday, December 13th. The shares were bought at an average cost of $78.94 per share, for a total transaction of $497,322.00. Following the purchase, the director now owns 58,935 shares of the company’s stock, valued at approximately $4,652,328.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Robert R. Hill, Jr. sold 11,365 shares of the company’s stock in a transaction that occurred on Thursday, October 27th. The shares were sold at an average price of $88.31, for a total transaction of $1,003,643.15. Following the sale, the chairman now owns 77,393 shares in the company, valued at $6,834,575.83. The disclosure for this sale can be found here. Insiders sold a total of 23,249 shares of company stock valued at $2,071,200 over the last three months. Corporate insiders own 1.88% of the company’s stock.

Institutional Investors Weigh In On SouthState

Institutional investors and hedge funds have recently modified their holdings of the stock. Strs Ohio increased its stake in SouthState by 0.4% during the 2nd quarter. Strs Ohio now owns 128,700 shares of the bank’s stock valued at $9,929,000 after purchasing an additional 500 shares in the last quarter. Russell Investments Group Ltd. raised its stake in SouthState by 175.1% during the second quarter. Russell Investments Group Ltd. now owns 72,631 shares of the bank’s stock valued at $5,602,000 after purchasing an additional 46,234 shares in the last quarter. Moody National Bank Trust Division purchased a new stake in shares of SouthState in the third quarter valued at $291,000. Xponance Inc. raised its stake in shares of SouthState by 11.2% in the second quarter. Xponance Inc. now owns 4,071 shares of the bank’s stock valued at $314,000 after acquiring an additional 411 shares during the period. Finally, TIAA FSB bought a new position in shares of SouthState in the second quarter worth about $477,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $76.16 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.04. SouthState has a twelve month low of $72.25 and a twelve month high of $91.74. The firm’s 50 day moving average price is $80.31 and its 200-day moving average price is $81.90. The stock has a market capitalization of $5.77 billion, a PE ratio of 12.22 and a beta of 0.81.

SouthState (NASDAQ:SSB – Get Rating) last announced its earnings results on Monday, October 24th. The bank reported $1.89 earnings per share for the quarter, hitting the consensus estimate of $1.89. SouthState had a return on equity of 10.05% and a net margin of 29.04%. The business had revenue of $435.39 million during the quarter, compared to the consensus estimate of $425.77 million. During the same period in the prior year, the company posted $1.94 EPS. Equities research analysts expect that SouthState will post 7.21 EPS for the current year.

About SouthState

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South State Corp. is a bank and financial holding company, which engages in the provision of banking services and products to customers through its subsidiary. Its services include demand, time, and savings deposits, lending and credit card servicing, ATM processing, mortgage banking services, correspondent banking services and wealth management, and trust services.