SouthState Bank (NYSE:SSB) Given "Buy (B-)" Rating at Weiss Ratings

Key Points

• SouthState Bank has been reissued a "buy (B-)" rating by Weiss Ratings, with a consensus price target of $117.08 from multiple analysts.
• The bank reported $2.30 earnings per share for its last quarter, exceeding estimates and demonstrating a net margin of 19.27%.
• Insider trading activity showed a mix of sales and acquisitions, with a 13.59% decrease in ownership from one insider and a 67.35% increase from another.

SouthState Bank (NYSE:SSB - Get Free Report)'s stock had its "buy (b-)" rating reissued by analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Several other analysts also recently issued reports on the stock. Cowen initiated coverage on shares of SouthState Bank in a report on Wednesday, September 24th. They issued a "buy" rating on the stock. DA Davidson upped their price objective on shares of SouthState Bank from $115.00 to $117.00 and gave the company a "buy" rating in a research note on Monday, July 28th. National Bankshares set a $127.00 price objective on shares of SouthState Bank in a research note on Wednesday, September 24th. Citigroup reissued a "buy" rating and set a $117.00 price objective (up previously from $113.00) on shares of SouthState Bank in a research note on Monday, July 28th. Finally, Zacks Research downgraded shares of SouthState Bank from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, SouthState Bank currently has a consensus rating of "Buy" and a consensus price target of $117.08.

SouthState Bank Price Performance

Shares of NYSE SSB traded down $0.43 on Wednesday, hitting $99.58. The company's stock had a trading volume of 354,586 shares, compared to its average volume of 693,830. SouthState Bank has a 12-month low of $77.74 and a 12-month high of $114.26. The stock has a market cap of $10.08 billion, a P/E ratio of 14.84 and a beta of 0.68. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.94 and a quick ratio of 0.93. The company has a 50 day simple moving average of $98.90.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $2.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.30. SouthState Bank had a net margin of 19.27% and a return on equity of 10.23%. The company had revenue of $664.77 million for the quarter, compared to the consensus estimate of $639.47 million.

Insider Buying and Selling

In other news, insider Daniel E. Bockhorst sold 5,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $99.60, for a total value 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 represents a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Janet P. Froetscher acquired 3,338 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was acquired at an average cost of $97.31 per share, with a total value of $324,820.78. Following the transaction, the director directly owned 8,294 shares of the company's stock, valued at approximately $807,089.14. This represents a 67.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 8,338 shares of company stock valued at $786,321. Insiders own 1.70% of the company's stock.

Institutional Investors Weigh In On SouthState Bank

Large investors have recently made changes to their positions in the business. Rise Advisors LLC acquired a new stake in SouthState Bank during the 1st quarter valued at $33,000. Steward Partners Investment Advisory LLC acquired a new stake in SouthState Bank during the 2nd quarter valued at $34,000. Flaharty Asset Management LLC acquired a new stake in SouthState Bank during the 1st quarter valued at $45,000. TFC Financial Management Inc. grew its holdings in SouthState Bank by 49,800.0% during the 2nd quarter. TFC Financial Management Inc. now owns 499 shares of the company's stock valued at $46,000 after purchasing an additional 498 shares in the last quarter. Finally, Summit Securities Group LLC grew its holdings in SouthState Bank by 81.5% during the 1st quarter. Summit Securities Group LLC now owns 688 shares of the company's stock valued at $64,000 after purchasing an additional 309 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.