SouthState (NASDAQ:SSB) Coverage Initiated at TD Cowen

Key Points

• TD Cowen has initiated coverage on SouthState (NASDAQ:SSB) with a buy rating and a price target of $127.00, indicating a potential upside of 26.60%.
• SouthState reported quarterly earnings of $2.30 per share, exceeding expectations by $0.32 and showcasing strong revenue of $840.50 million.
• Institutional investors hold 89.76% of SouthState's stock, with significant recent purchases from various investment firms.

Equities research analysts at TD Cowen assumed coverage on shares of SouthState (NASDAQ:SSB - Get Free Report) in a research report issued on Thursday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $127.00 price target on the bank's stock. TD Cowen's price target would suggest a potential upside of 26.60% from the stock's previous close.

SSB has been the topic of several other reports. Barclays increased their price objective on shares of SouthState from $117.00 to $120.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Citigroup restated a "buy" rating and issued a $117.00 price objective (up from $113.00) on shares of SouthState in a report on Monday, July 28th. Hovde Group increased their price objective on shares of SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a report on Friday, July 25th. Finally, DA Davidson upped their target price on shares of SouthState from $115.00 to $117.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, SouthState presently has a consensus rating of "Buy" and an average target price of $116.25.

SouthState Trading Up 0.0%

Shares of NASDAQ SSB opened at $100.31 on Thursday. The company's 50 day simple moving average is $98.50 and its 200 day simple moving average is $92.68. SouthState has a fifty-two week low of $77.74 and a fifty-two week high of $114.26. The firm has a market capitalization of $10.15 billion, a P/E ratio of 14.41 and a beta of 0.74. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState (NASDAQ:SSB - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The bank reported $2.30 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.32. SouthState had a net margin of 22.38% and a return on equity of 9.62%. The business had revenue of $840.50 million for the quarter, compared to analyst estimates of $645.12 million. During the same period in the prior year, the business posted $1.74 earnings per share. On average, analysts predict that SouthState will post 8.12 EPS for the current year.

Insider Transactions at SouthState

In related news, Director Janet P. Froetscher acquired 3,338 shares of the stock in a transaction dated Wednesday, July 30th. The stock was bought at an average price of $97.31 per share, with a total value of $324,820.78. Following the completion of the transaction, the director directly owned 8,294 shares of the company's stock, valued at approximately $807,089.14. The trade was a 67.35% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director G Stacy Smith acquired 2,500 shares of the stock in a transaction dated Friday, August 1st. The shares were bought at an average cost of $92.30 per share, with a total value of $230,750.00. Following the transaction, the director directly owned 39,546 shares of the company's stock, valued at $3,650,095.80. This represents a 6.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 8,338 shares of company stock valued at $786,321 over the last quarter. Corporate insiders own 1.70% of the company's stock.

Institutional Investors Weigh In On SouthState

Several large investors have recently made changes to their positions in SSB. Rise Advisors LLC bought a new stake in shares of SouthState during the first quarter worth $33,000. Steward Partners Investment Advisory LLC bought a new stake in shares of SouthState during the second quarter worth $34,000. Flaharty Asset Management LLC acquired a new position in SouthState during the first quarter worth $45,000. TFC Financial Management Inc. boosted its holdings in SouthState by 49,800.0% during the second quarter. TFC Financial Management Inc. now owns 499 shares of the bank's stock worth $46,000 after purchasing an additional 498 shares during the last quarter. Finally, Versant Capital Management Inc boosted its holdings in SouthState by 577.4% during the first quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock worth $53,000 after purchasing an additional 485 shares during the last quarter. Institutional investors 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.

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