SouthState (NASDAQ:SSB) Now Covered by Analysts at Truist Financial

Research analysts at Truist Financial initiated coverage on shares of SouthState (NASDAQ:SSB - Get Free Report) in a note issued to investors on Tuesday. The firm set a "buy" rating and a $106.00 price target on the bank's stock. Truist Financial's price objective points to a potential upside of 15.96% from the company's previous close.

A number of other research firms have also weighed in on SSB. Citigroup raised shares of SouthState from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Barclays cut their price objective on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. DA Davidson dropped their price target on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 28th. Raymond James set a $110.00 price objective on shares of SouthState in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods decreased their target price on SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $116.90.

SouthState Stock Performance

Shares of SSB stock traded down $0.38 during trading hours on Tuesday, reaching $91.41. 182,852 shares of the company's stock were exchanged, compared to its average volume of 639,428. The company's 50 day moving average is $88.61 and its two-hundred day moving average is $98.07. SouthState has a 1 year low of $70.68 and a 1 year high of $114.27. The company has a market cap of $9.28 billion, a P/E ratio of 13.13 and a beta of 0.75. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91.

Insider Activity at SouthState

In other news, Director G Stacy Smith acquired 3,100 shares of SouthState stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the transaction, the director now directly owns 36,779 shares of the company's stock, valued at approximately $3,442,514.40. The trade was a 9.20% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sara Arana sold 1,991 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $100.78, for a total transaction of $200,652.98. Following the transaction, the chief accounting officer now owns 4,787 shares of the company's stock, valued at approximately $482,433.86. The trade was a 29.37% decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Institutional Trading of SouthState

A number of large investors have recently added to or reduced their stakes in the stock. Persistent Asset Partners Ltd boosted its stake in SouthState by 179.3% in the 1st quarter. Persistent Asset Partners Ltd now owns 17,345 shares of the bank's stock worth $1,610,000 after purchasing an additional 11,135 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of SouthState by 140.9% during the 1st quarter. Russell Investments Group Ltd. now owns 76,386 shares of the bank's stock worth $7,090,000 after acquiring an additional 44,682 shares during the period. HighTower Advisors LLC boosted its position in shares of SouthState by 996.8% in the 1st quarter. HighTower Advisors LLC now owns 163,175 shares of the bank's stock worth $15,146,000 after purchasing an additional 148,298 shares in the last quarter. Independent Advisor Alliance lifted its stake in shares of SouthState by 1.7% in the first quarter. Independent Advisor Alliance now owns 28,386 shares of the bank's stock worth $2,635,000 after buying an additional 472 shares in the last quarter. Finally, Linscomb Wealth Inc. purchased a new stake in SouthState during the first quarter valued at $1,453,000. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Company Profile

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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