SouthState Bank (NYSE:SSB) Stock Price Target Lowered at Citigroup

Key Points

• Citigroup lowered SouthState Bank’s price target from $126 to $124 while maintaining a “buy” rating, implying 17.4% upside from the stock’s $105.62 price.
• Analyst sentiment remains positive: SouthState has an overall “Buy” consensus rating and an average price target of $118.62, supported by multiple overweight and buy ratings.
• The company recently missed quarterly expectations, reporting $2.30 in EPS versus $2.40 expected and revenue of $685.43 million versus $691.13 million forecast. Insiders have also sold $3.81 million of stock over the past 90 days.

SouthState Bank (NYSE:SSB - Get Free Report) had its price objective lowered by investment analysts at Citigroup from $126.00 to $124.00 in a research report issued on Monday, Benzinga reports. The firm presently has a "buy" rating on the stock. Citigroup's price objective would indicate a potential upside of 17.40% from the stock's current price.

A number of other brokerages also recently issued reports on SSB. Piper Sandler boosted their price objective on shares of SouthState Bank from $120.00 to $125.00 and gave the company an "overweight" rating in a research report on Monday, July 27th. JPMorgan Chase & Co. dropped their price target on SouthState Bank from $125.00 to $120.00 and set an "overweight" rating for the company in a research report on Thursday, October 1st. Stephens increased their price objective on shares of SouthState Bank from $116.00 to $119.00 and gave the stock an "overweight" rating in a research report on Monday. TD Cowen cut their price objective on SouthState Bank from $120.00 to $116.00 and set a "buy" rating on the stock in a research report on Monday, October 5th. Finally, Barclays raised their price target on SouthState Bank from $118.00 to $120.00 and gave the company an "overweight" rating in a research note on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $118.62.

SouthState Bank Trading Up 0.1%

Shares of SouthState Bank stock traded up $0.11 during midday trading on Monday, reaching $105.62. 271,514 shares of the company's stock traded hands, compared to its average volume of 818,507. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.95 and a current ratio of 0.95. SouthState Bank has a 12 month low of $84.47 and a 12 month high of $112.20. The stock has a 50 day moving average of $103.94 and a 200-day moving average of $100.93. The company has a market cap of $10.24 billion, a PE ratio of 11.25 and a beta of 0.78.

SouthState Bank (NYSE:SSB - Get Free Report) last released its earnings results on Wednesday, October 21st. The company reported $2.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.40 by ($0.10). The business had revenue of $685.43 million for the quarter, compared to analysts' expectations of $691.13 million. SouthState Bank had a net margin of 24.63% and a return on equity of 10.23%. During the same quarter in the previous year, the business posted $2.58 earnings per share. As a group, equities analysts expect that SouthState Bank will post 9.44 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 4,000 shares of the firm's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the sale, the chief financial officer owned 40,568 shares in the company, valued at approximately $4,419,072.24. This trade represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Brooks sold 24,650 shares of the company's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the transaction, the director directly owned 7,900 shares of the company's stock, valued at $869,000. The trade was a 75.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 34,831 shares of company stock worth $3,814,274 in the last ninety days. Corporate insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On SouthState Bank

Large investors have recently made changes to their positions in the stock. Cetera Investment Advisers lifted its holdings in shares of SouthState Bank by 0.6% in the 1st 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 increased its position in SouthState Bank by 0.7% during the first quarter. HB Wealth Management LLC now owns 18,045 shares of the company's stock worth $1,670,000 after buying an additional 129 shares during the period. Gamco Investors INC. ET AL boosted its stake in shares of SouthState Bank by 0.3% in the first quarter. Gamco Investors INC. ET AL now owns 48,472 shares of the company's stock valued at $4,485,000 after buying an additional 161 shares in the last quarter. Sheets Smith Wealth Management grew its position in shares of SouthState Bank by 2.5% in the second 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 last quarter. Finally, Inspire Investing LLC raised its stake in SouthState Bank by 5.0% during the first 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 period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

About SouthState Bank

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

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.