SouthState (NASDAQ:SSB) Given New $89.00 Price Target at Truist Financial

SouthState (NASDAQ:SSB - Get Free Report) had its price target decreased by equities research analysts at Truist Financial from $90.00 to $89.00 in a report issued on Monday, Benzinga reports. The firm currently has a "hold" rating on the bank's stock. Truist Financial's price target would suggest a potential upside of 6.82% from the stock's previous close.

Several other equities analysts also recently commented on the company. UBS Group boosted their price objective on SouthState from $88.00 to $90.00 and gave the company a "neutral" rating in a research report on Monday, January 29th. Raymond James downgraded SouthState from an "outperform" rating to a "market perform" rating in a research report on Friday, January 5th. DA Davidson reissued a "buy" rating and set a $102.00 price objective (up from $96.00) on shares of SouthState in a research note on Monday, January 29th. Finally, Stephens initiated coverage on SouthState in a research note on Tuesday, December 19th. They set an "equal weight" rating and a $78.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $88.17.

SouthState Stock Performance

NASDAQ:SSB traded down $1.71 during mid-day trading on Monday, hitting $83.32. 369,604 shares of the company traded hands, compared to its average volume of 410,494. The stock's fifty day moving average price is $82.60 and its 200-day moving average price is $77.39. SouthState has a one year low of $59.51 and a one year high of $87.77. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.06. The firm has a market cap of $6.35 billion, a price-to-earnings ratio of 13.16 and a beta of 0.74.

SouthState (NASDAQ:SSB - Get Free Report) last released its quarterly earnings results on Thursday, January 25th. The bank reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.13. SouthState had a return on equity of 9.85% and a net margin of 22.15%. The business had revenue of $419.72 million during the quarter, compared to analyst estimates of $419.08 million. Research analysts anticipate that SouthState will post 6.64 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Renee R. Brooks sold 4,025 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $85.62, for a total value of $344,620.50. Following the transaction, the chief operating officer now owns 31,747 shares of the company's stock, valued at $2,718,178.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, President Richard Iv Murray sold 4,900 shares of the firm's stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the transaction, the president now owns 58,968 shares in the company, valued at approximately $4,826,530.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Renee R. Brooks sold 4,025 shares of the firm's stock in a transaction on Monday, January 29th. The stock was sold at an average price of $85.62, for a total value of $344,620.50. Following the completion of the transaction, the chief operating officer now owns 31,747 shares of the company's stock, valued at approximately $2,718,178.14. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,925 shares of company stock valued at $988,686. 1.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SouthState

Institutional investors have recently modified their holdings of the business. Parallel Advisors LLC raised its position in shares of SouthState by 544.0% during the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank's stock valued at $27,000 after buying an additional 272 shares during the period. TFO Wealth Partners LLC grew its stake in shares of SouthState by 13,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank's stock worth $34,000 after acquiring an additional 402 shares in the last quarter. Rockefeller Capital Management L.P. grew its stake in shares of SouthState by 37.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 591 shares of the bank's stock worth $45,000 after acquiring an additional 161 shares in the last quarter. Covestor Ltd increased its holdings in SouthState by 50.5% in the third quarter. Covestor Ltd now owns 638 shares of the bank's stock valued at $43,000 after buying an additional 214 shares during the last quarter. Finally, Ensign Peak Advisors Inc purchased a new position in SouthState in the first quarter valued at $54,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.