DA Davidson Lowers SouthState Bank (NYSE:SSB) Price Target to $112.00

Key Points

• DA Davidson has lowered its price target for SouthState Bank from $117.00 to $112.00, while maintaining a "buy" rating, indicating a potential upside of 23.72% from the stock's previous close.
• SouthState Bank reported earnings per share (EPS) of $2.58 for the last quarter, exceeding analysts' expectations, along with revenue of $698.78 million.
• Institutional investors and hedge funds hold 89.76% of SouthState Bank's stock, reflecting significant institutional interest in the company.

SouthState Bank (NYSE:SSB - Get Free Report) had its price objective lowered by analysts at DA Davidson from $117.00 to $112.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. DA Davidson's target price would indicate a potential upside of 23.72% from the stock's previous close.

SSB has been the subject of several other research reports. Hovde Group raised their price target on shares of SouthState Bank from $97.00 to $105.00 and gave the stock a "market perform" rating in a report on Friday, July 25th. National Bankshares set a $127.00 price target on shares of SouthState Bank in a report on Wednesday, September 24th. TD Cowen initiated coverage on shares of SouthState Bank in a report on Thursday, September 25th. They set a "buy" rating and a $127.00 price target for the company. Zacks Research lowered shares of SouthState Bank from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Finally, Barclays raised their price target on shares of SouthState Bank from $117.00 to $120.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $116.69.

SouthState Bank Price Performance

NYSE SSB traded up $0.61 during trading hours on Friday, reaching $90.53. The company's stock had a trading volume of 950,345 shares, compared to its average volume of 888,052. The company's fifty day simple moving average is $99.04. The firm has a market capitalization of $9.16 billion, a PE ratio of 12.45 and a beta of 0.68. SouthState Bank has a 52 week low of $77.74 and a 52 week high of $114.26. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.93 and a current ratio of 0.94.

SouthState Bank (NYSE:SSB - Get Free Report) last issued its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.20 by $0.38. The business had revenue of $698.78 million during the quarter, compared to analyst estimates of $660.41 million. SouthState Bank had a net margin of 20.25% and a return on equity of 11.12%. During the same quarter last year, the business earned $1.90 EPS.

Insider Transactions at SouthState Bank

In other news, insider Daniel E. Bockhorst sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $99.60, for a total transaction of $498,000.00. Following the completion of the sale, the insider owned 31,785 shares of the company's stock, valued at $3,165,786. This trade represents a 13.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director G Stacy Smith acquired 2,500 shares of SouthState Bank stock in a transaction dated Friday, August 1st. The shares were bought at an average cost of $92.30 per share, with a total value of $230,750.00. Following the transaction, the director owned 39,546 shares in the company, valued at approximately $3,650,095.80. This trade represents a 6.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 8,338 shares of company stock valued at $786,321 in the last quarter. 1.70% of the stock is currently owned by company insiders.

Institutional Trading of SouthState Bank

Several hedge funds have recently bought and sold shares of SSB. GAMMA Investing LLC grew its position in SouthState Bank by 68.1% in the 1st quarter. GAMMA Investing LLC now owns 1,172 shares of the company's stock valued at $109,000 after purchasing an additional 475 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in SouthState Bank by 4.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 30,553 shares of the company's stock valued at $2,836,000 after purchasing an additional 1,239 shares during the period. State of Alaska Department of Revenue grew its position in SouthState Bank by 32.1% in the 1st quarter. State of Alaska Department of Revenue now owns 11,492 shares of the company's stock valued at $1,066,000 after purchasing an additional 2,790 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in SouthState Bank by 153.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,229 shares of the company's stock valued at $949,000 after purchasing an additional 6,196 shares during the period. Finally, Sequoia Financial Advisors LLC grew its position in SouthState Bank by 158.1% in the 1st quarter. Sequoia Financial Advisors LLC now owns 8,306 shares of the company's stock valued at $771,000 after purchasing an additional 5,088 shares during the period. Institutional investors and hedge funds own 89.76% of the company's stock.

About SouthState Bank

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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.

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