SouthState Bank (NYSE:SSB) Raised to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen upgraded SouthState Bank from “sell” to “hold,” while broader analyst sentiment remains “Buy,” with an average price target of $119.08.
• SouthState Bank reported quarterly EPS of $2.35, exceeding the $2.31 consensus estimate, though revenue of $672.67 million fell slightly short of expectations.
• Insiders sold 34,831 shares worth approximately $3.81 million over the past three months, while institutional investors continue to own a substantial 89.76% of the company.

SouthState Bank (NYSE:SSB - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday, Wall Street Zen reports.

SSB has been the subject of several other research reports. Weiss Ratings raised SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, July 14th. TD Cowen raised their price objective on shares of SouthState Bank from $114.00 to $120.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Barclays reduced their target price on shares of SouthState Bank from $123.00 to $118.00 and set an "overweight" rating for the company in a research note on Tuesday, July 7th. Citigroup boosted their target price on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Finally, JPMorgan Chase & Co. dropped their price target on shares of SouthState Bank from $125.00 to $120.00 and set an "overweight" rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $119.08.

SouthState Bank Price Performance

Shares of NYSE:SSB opened at $102.05 on Friday. The company has a market capitalization of $9.90 billion, a PE ratio of 10.73 and a beta of 0.78. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. The stock has a fifty day moving average of $105.93 and a 200-day moving average of $99.80. SouthState Bank has a one year low of $84.47 and a one year high of $112.20.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. The company had revenue of $672.67 million during the quarter, compared to analysts' expectations of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same period last year, the company posted $2.30 earnings per share. As a group, equities analysts anticipate that SouthState Bank will post 9.46 EPS for the current fiscal year.

Insider Transactions at SouthState Bank

In related news, Director David R. Brooks sold 24,650 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the sale, the director directly owned 7,900 shares in the company, valued at $869,000. This represents a 75.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William Matthews sold 4,000 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the sale, the chief financial officer owned 40,568 shares in the company, valued at $4,419,072.24. The trade was a 8.98% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 34,831 shares of company stock worth $3,814,274. 1.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SouthState Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers lifted its holdings in SouthState Bank by 0.6% in the first quarter. Cetera Investment Advisers now owns 18,959 shares of the company's stock valued at $1,754,000 after buying an additional 116 shares during the period. HB Wealth Management LLC raised its position in shares of SouthState Bank by 0.7% during the 1st quarter. HB Wealth Management LLC now owns 18,045 shares of the company's stock valued at $1,670,000 after acquiring an additional 129 shares during the last quarter. Gamco Investors INC. ET AL lifted its stake in shares of SouthState Bank by 0.3% in the 1st quarter. Gamco Investors INC. ET AL now owns 48,472 shares of the company's stock valued at $4,485,000 after purchasing an additional 161 shares during the period. Sheets Smith Wealth Management lifted its stake in shares of SouthState Bank by 2.5% in the 2nd quarter. Sheets Smith Wealth Management now owns 6,635 shares of the company's stock valued at $663,000 after purchasing an additional 164 shares during the period. Finally, Inspire Investing LLC boosted its position in shares of SouthState Bank by 5.0% in the 1st quarter. Inspire Investing LLC now owns 3,641 shares of the company's stock worth $337,000 after purchasing an additional 172 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

About SouthState Bank

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation NYSE: SSB. The bank provides financial products and services to individuals, businesses, institutions and municipalities, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, and lines of credit.

Its business also includes commercial banking, treasury and cash-management services, equipment financing, small-business lending, and wealth-management and trust services.

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