SouthState Bank (NYSE:SSB) Stock Rating Upgraded by UBS Group

Key Points

• UBS Group upgraded SouthState Bank to a “hold” rating, adding to a mixed but still generally positive analyst backdrop for the stock.
• Other firms have recently adjusted their views, with JPMorgan and Citigroup keeping bullish ratings and raising or slightly trimming price targets; the overall analyst consensus remains a Moderate Buy with an average target of $117.50.
• SouthState Bank recently reported strong quarterly earnings of $2.28 per share, beating estimates, while the stock traded around $99.38 and remains near the middle of its 52-week range.

SouthState Bank (NYSE:SSB - Get Free Report) was upgraded by analysts at UBS Group to a "hold" rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. upped their price target on SouthState Bank from $115.00 to $120.00 and gave the stock an "overweight" rating in a report on Wednesday, July 1st. Weiss Ratings cut SouthState Bank from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, May 26th. Citigroup lowered their price objective on SouthState Bank from $116.00 to $115.00 and set a "buy" rating for the company in a research report on Thursday, June 25th. Hovde Group upped 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. Finally, Fundamental Research set a $120.00 target price on shares of SouthState Bank in a report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $117.50.

SouthState Bank Stock Performance

Shares of SSB stock opened at $99.38 on Tuesday. The firm has a 50 day moving average of $96.50 and a two-hundred day moving average of $97.25. The stock has a market capitalization of $9.71 billion, a PE ratio of 10.72 and a beta of 0.70. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. SouthState Bank has a 52 week low of $84.47 and a 52 week high of $108.46.

SouthState Bank (NYSE:SSB - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, topping analysts' consensus estimates of $2.21 by $0.07. The business had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.28 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same quarter in the prior year, the company earned $0.87 earnings per share. On average, research analysts predict that SouthState Bank will post 9.51 EPS for the current fiscal year.

Insider Activity at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the sale, the director directly owned 12,700 shares in the company, valued at $1,249,553. This trade represents a 52.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On SouthState Bank

Hedge funds have recently made changes to their positions in the company. Root Financial Partners LLC lifted its holdings in shares of 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 during the last quarter. FNY Investment Advisers LLC purchased a new position in SouthState Bank during the 2nd quarter worth approximately $50,000. Measured Wealth Private Client Group LLC acquired a new position in SouthState Bank during the third quarter worth approximately $51,000. GHP Investment Advisors Inc. acquired a new position in SouthState Bank during the first quarter worth approximately $52,000. Finally, Danske Bank A S purchased a new stake in SouthState Bank in the third quarter valued at approximately $59,000. Hedge funds and other institutional investors own 89.76% of the company's stock.

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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