SouthState Bank (NYSE:SSB) Stock Price Target Cut by JPMorgan Chase & Co.

Key Points

• JPMorgan cut SouthState Bank’s price target from $125 to $120 while maintaining an “overweight” rating, implying approximately 21.33% upside from the prior close.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $119.08; SouthState recently reported quarterly EPS of $2.35, exceeding estimates.
• SSB shares fell 0.7% to $98.91, while insiders sold approximately $3.8 million worth of stock over the past 90 days. Institutional investors own 89.76% of the company.

SouthState Bank (NYSE:SSB - Get Free Report) had its target price cut by equities research analysts at JPMorgan Chase & Co. from $125.00 to $120.00 in a report issued on Thursday, Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 21.33% from the stock's previous close.

Several other research firms have also commented on SSB. Stephens reissued an "overweight" rating and set a $116.00 price objective on shares of SouthState Bank in a research note on Monday, July 27th. Piper Sandler raised their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the company an "overweight" rating in a research note on Monday, July 27th. Barclays lowered their target price on shares of SouthState Bank from $123.00 to $118.00 and set an "overweight" rating for the company in a report on Tuesday, July 7th. Citigroup boosted their price target on SouthState Bank from $115.00 to $126.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Finally, Weiss Ratings raised SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, SouthState Bank presently has an average rating of "Buy" and a consensus price target of $119.08.

SouthState Bank Stock Down 0.7%

Shares of NYSE:SSB traded down $0.65 during trading on Thursday, hitting $98.91. The stock had a trading volume of 165,055 shares, compared to its average volume of 820,313. The company has a market capitalization of $9.59 billion, a PE ratio of 10.38 and a beta of 0.72. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. The firm's fifty day moving average is $106.02 and its 200 day moving average is $99.71. SouthState Bank has a 12 month low of $84.47 and a 12 month 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, beating analysts' consensus estimates of $2.31 by $0.04. The firm had revenue of $672.67 million for 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 quarter in the previous year, the business posted $2.30 EPS. Analysts anticipate that SouthState Bank will post 9.46 EPS for the current fiscal year.

Insider Activity at SouthState Bank

In other news, CFO William Matthews sold 4,000 shares of the business's 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David R. Brooks sold 24,650 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the sale, the director directly owned 7,900 shares in the company, valued at $869,000. This trade represents a 75.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 34,831 shares of company stock worth $3,814,274 over the last ninety days. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SouthState Bank

A number of hedge funds have recently bought and sold shares of SSB. Cim Investment Management Inc. bought a new position in SouthState Bank during the 2nd quarter valued at about $266,000. State Street Corp grew its stake in shares of SouthState Bank by 3.3% in the second quarter. State Street Corp now owns 3,858,127 shares of the company's stock worth $385,427,000 after acquiring an additional 123,549 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of SouthState Bank by 0.6% during the second quarter. The Manufacturers Life Insurance Company now owns 855,527 shares of the company's stock valued at $85,467,000 after purchasing an additional 4,764 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of SouthState Bank by 6.6% during the second quarter. Sequoia Financial Advisors LLC now owns 7,180 shares of the company's stock valued at $717,000 after purchasing an additional 444 shares during the last quarter. Finally, Tidal Investments LLC purchased a new position in shares of SouthState Bank during the second quarter valued at approximately $591,000. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Bank Company Profile

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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