SouthState (NASDAQ:SSB) Receives New Coverage from Analysts at UBS Group

Investment analysts at UBS Group initiated coverage on shares of SouthState (NASDAQ:SSB – Get Rating) in a research note issued on Wednesday, The Fly reports. The brokerage set a “neutral” rating and a $79.00 price target on the bank’s stock. UBS Group’s price objective would indicate a potential upside of 4.36% from the company’s current price.

Several other research analysts also recently commented on the stock. Truist Financial decreased their price target on shares of SouthState from $96.00 to $91.00 and set a “buy” rating on the stock in a research note on Wednesday, February 1st. Raymond James decreased their price target on shares of SouthState from $98.00 to $95.00 and set an “outperform” rating on the stock in a research note on Monday, January 30th. Keefe, Bruyette & Woods decreased their price target on shares of SouthState from $110.00 to $100.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 31st. Finally, StockNews.com upgraded shares of SouthState from a “sell” rating to a “hold” rating in a report on Wednesday, March 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, SouthState presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

SouthState Trading Up 2.7 %

Shares of SouthState stock opened at $75.70 on Wednesday. SouthState has a 1 year low of $66.56 and a 1 year high of $91.74. The firm has a market cap of $5.74 billion, a PE ratio of 11.49 and a beta of 0.81. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85. The company has a 50 day simple moving average of $79.27 and a two-hundred day simple moving average of $81.38.

SouthState (NASDAQ:SSB – Get Rating) last announced its earnings results on Friday, January 27th. The bank reported $1.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.16). SouthState had a net margin of 29.01% and a return on equity of 10.56%. The company had revenue of $459.40 million for the quarter, compared to the consensus estimate of $447.26 million. During the same quarter in the previous year, the firm earned $1.59 earnings per share. The company’s revenue for the quarter was up 31.3% compared to the same quarter last year. Analysts expect that SouthState will post 8.12 earnings per share for the current fiscal year.

Insider Activity

In other news, Chairman Robert R. Hill, Jr. sold 25,000 shares of the business’s stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $77.00, for a total transaction of $1,925,000.00. Following the sale, the chairman now owns 55,100 shares in the company, valued at approximately $4,242,700. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other SouthState news, Director G Ruffner Page, Jr. bought 14,000 shares of the firm’s stock in a transaction on Friday, March 10th. The stock was acquired at an average price of $71.75 per share, with a total value of $1,004,500.00. Following the transaction, the director now owns 72,963 shares in the company, valued at $5,235,095.25. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Robert R. Hill, Jr. sold 25,000 shares of the business’s stock in a transaction dated Wednesday, February 1st. The stock was sold at an average price of $77.00, for a total value of $1,925,000.00. Following the completion of the transaction, the chairman now directly owns 55,100 shares of the company’s stock, valued at approximately $4,242,700. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 122,836 shares of company stock worth $9,974,384. Corporate insiders own 1.88% of the company’s stock.

Hedge Funds Weigh In On SouthState

A number of hedge funds have recently bought and sold shares of SSB. Raymond James & Associates raised its position in SouthState by 69.1% in the 1st quarter. Raymond James & Associates now owns 19,456 shares of the bank’s stock worth $1,587,000 after buying an additional 7,949 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of SouthState by 51.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 22,450 shares of the bank’s stock valued at $1,832,000 after purchasing an additional 7,622 shares during the period. HighTower Advisors LLC grew its stake in shares of SouthState by 119.0% during the 1st quarter. HighTower Advisors LLC now owns 8,239 shares of the bank’s stock valued at $673,000 after purchasing an additional 4,477 shares during the period. Citigroup Inc. grew its stake in shares of SouthState by 29.1% during the 1st quarter. Citigroup Inc. now owns 26,907 shares of the bank’s stock valued at $2,194,000 after purchasing an additional 6,065 shares during the period. Finally, Bank of Montreal Can bought a new stake in shares of SouthState during the 1st quarter valued at about $204,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

SouthState Company Profile

(Get Rating)

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.