Piper Sandler Trims SouthState (NASDAQ:SSB) Target Price to $95.00

SouthState (NASDAQ:SSB - Get Free Report) had its price objective cut by stock analysts at Piper Sandler from $98.00 to $95.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the bank's stock. Piper Sandler's target price indicates a potential upside of 23.25% from the company's previous close.

A number of other equities research analysts have also recently weighed in on the stock. UBS Group lifted their price objective on shares of SouthState from $88.00 to $90.00 and gave the company a "neutral" rating in a research note on Monday, January 29th. Raymond James cut SouthState from an "outperform" rating to a "market perform" rating in a research report on Friday, January 5th. DA Davidson reaffirmed a "buy" rating and set a $102.00 price target (up previously from $96.00) on shares of SouthState in a research note on Monday, January 29th. Finally, Truist Financial dropped their price target on SouthState from $89.00 to $84.00 and set a "hold" rating on the stock in a research report on Monday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $88.17.

SouthState Price Performance

NASDAQ SSB traded down $0.87 during trading hours on Monday, reaching $77.08. The company's stock had a trading volume of 563,963 shares, compared to its average volume of 418,833. The stock has a market cap of $5.88 billion, a PE ratio of 12.63 and a beta of 0.74. SouthState has a fifty-two week low of $59.51 and a fifty-two week high of $87.77. The company's 50-day moving average is $81.40 and its two-hundred day moving average is $79.03. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.89 and a current ratio of 0.89.

SouthState (NASDAQ:SSB - Get Free Report) last released its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The company had revenue of $415.49 million for the quarter, compared to analysts' expectations of $414.32 million. During the same period last year, the company earned $1.93 EPS. The firm's revenue for the quarter was down 8.2% compared to the same quarter last year. Analysts forecast that SouthState will post 6.48 EPS for the current year.

Insider Buying and Selling

In related news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the sale, the insider now directly owns 35,828 shares in the company, valued at approximately $2,902,068. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Daniel E. Bockhorst sold 3,000 shares of the business's stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares of the company's stock, valued at approximately $2,902,068. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President Richard Iv Murray sold 4,900 shares of the business's stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total value of $401,065.00. Following the transaction, the president now owns 58,968 shares of the company's stock, valued at approximately $4,826,530.80. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SouthState

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SSB. Norges Bank purchased a new position in SouthState in the 4th quarter valued at approximately $75,485,000. Franklin Resources Inc. increased its position in shares of SouthState by 26.8% during the fourth quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank's stock worth $186,485,000 after acquiring an additional 466,144 shares during the last quarter. Capital World Investors grew its stake in SouthState by 31.8% in the fourth quarter. Capital World Investors now owns 620,510 shares of the bank's stock worth $52,402,000 after purchasing an additional 149,745 shares in the last quarter. Capital International Investors grew its stake in SouthState by 24.2% in the fourth quarter. Capital International Investors now owns 596,520 shares of the bank's stock worth $50,376,000 after purchasing an additional 116,313 shares in the last quarter. Finally, NBC Securities Inc. acquired a new position in SouthState in the third quarter worth about $6,378,000. Institutional investors and hedge funds own 89.76% of the company's stock.

About SouthState

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.