SouthState Bank (NYSE:SSB) Cut to Sell at Wall Street Zen

Key Points

• SouthState Bank was downgraded by Wall Street Zen from hold to sell, even though most other analysts remain bullish. The stock still carries an average Buy rating and a consensus target price of $118.23.
• The company reported Q1 earnings of $2.28 per share, beating estimates of $2.21, while revenue came in slightly below expectations at $661.7 million. Analysts expect SouthState Bank to earn $9.46 per share for the full year.
• Insider activity showed Director David R. Brooks sold 14,300 shares at an average price of $98.39, cutting his stake by about 53%. Institutional ownership remains high, with hedge funds and other institutions holding 89.76% of the stock.

SouthState Bank (NYSE:SSB - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

Several other equities analysts have also recently issued reports on SSB. TD Cowen dropped their price objective on shares of SouthState Bank from $117.00 to $114.00 and set a "buy" rating on the stock in a research note on Monday, April 27th. Hovde Group raised their target price on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. DA Davidson lifted their target price on shares of SouthState Bank from $119.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, February 5th. Jefferies Financial Group boosted their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a "buy" rating in a research note on Monday, February 2nd. Finally, Citigroup increased their price target on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, SouthState Bank currently has an average rating of "Buy" and a consensus target price of $118.23.

SouthState Bank Stock Down 1.1%

SouthState Bank stock opened at $96.30 on Friday. The stock has a 50 day moving average of $95.37 and a two-hundred day moving average of $95.46. SouthState Bank has a twelve month low of $84.47 and a twelve month high of $108.46. The stock has a market capitalization of $9.41 billion, a price-to-earnings ratio of 10.39 and a beta of 0.72. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB - Get Free Report) last released its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.21 by $0.07. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The business had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.29 million. During the same quarter in the previous year, the company posted $0.87 earnings per share. As a group, research analysts expect that SouthState Bank will post 9.46 earnings per share for the current year.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the sale, the director owned 12,700 shares in the company, valued at approximately $1,249,553. This represents a 52.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.70% of the company's stock.

Institutional Trading of SouthState Bank

Institutional investors and hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC increased its position in SouthState Bank by 106.8% during the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company's stock worth $36,000 after purchasing an additional 188 shares in the last quarter. Root Financial Partners LLC lifted its holdings in SouthState Bank by 100.0% in the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company's stock valued at $39,000 after purchasing an additional 210 shares in the last quarter. Covestor Ltd boosted its stake in shares of SouthState Bank by 385.1% during the 3rd quarter. Covestor Ltd now owns 490 shares of the company's stock worth $49,000 after purchasing an additional 389 shares during the last quarter. Measured Wealth Private Client Group LLC purchased a new stake in shares of SouthState Bank during the third quarter worth about $51,000. Finally, GHP Investment Advisors Inc. purchased a new stake in shares of SouthState Bank during the first quarter worth about $52,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Company Profile

SouthState Bank NYSE: SSB is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.

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