Stephens Reiterates "Overweight" Rating for SouthState (NASDAQ:SSB)

SouthState (NASDAQ:SSB - Get Free Report)'s stock had its "overweight" rating reiterated by analysts at Stephens in a report issued on Friday,Benzinga reports. They presently have a $130.00 price target on the bank's stock. Stephens' price objective would suggest a potential upside of 41.62% from the stock's previous close.

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Several other equities research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Hovde Group cut shares of SouthState from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. UBS Group assumed coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a "buy" rating and a $132.00 price target for the company. Finally, Citigroup raised SouthState from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.44.

Get Our Latest Analysis on SSB

SouthState Price Performance

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NASDAQ SSB traded down $0.57 during trading on Friday, hitting $91.80. 27,186 shares of the stock traded hands, compared to its average volume of 792,252. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState has a 12-month low of $70.68 and a 12-month high of $114.26. The firm has a 50-day simple moving average of $100.67 and a 200-day simple moving average of $100.72. The company has a market capitalization of $9.30 billion, a P/E ratio of 13.23 and a beta of 0.68.

Insider Buying and Selling

In related news, Director G Stacy Smith acquired 3,100 shares of the stock in a transaction on Thursday, March 6th. The stock was bought at an average cost of $93.60 per share, with a total value of $290,160.00. Following the transaction, the director now directly owns 36,779 shares in the company, valued at approximately $3,442,514.40. This represents a 9.20 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO William E. V. Matthews sold 6,531 shares of the firm's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total transaction of $707,241.99. Following the transaction, the chief financial officer now directly owns 34,107 shares in the company, valued at approximately $3,693,447.03. This trade represents a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Quadrant Capital Group LLC boosted its stake in shares of SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after purchasing an additional 99 shares in the last quarter. Louisiana State Employees Retirement System lifted its holdings in SouthState by 0.5% during the fourth quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank's stock worth $2,109,000 after buying an additional 100 shares during the period. Commonwealth Equity Services LLC boosted its position in SouthState by 1.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock valued at $949,000 after purchasing an additional 112 shares in the last quarter. Bragg Financial Advisors Inc boosted its holdings in shares of SouthState by 4.3% in the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank's stock valued at $276,000 after buying an additional 115 shares in the last quarter. Finally, CIBC Asset Management Inc raised its stake in shares of SouthState by 5.7% during the 4th quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank's stock worth $231,000 after acquiring an additional 126 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.

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