SouthState (NASDAQ:SSB - Get Free Report) was upgraded by research analysts at Truist Financial to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports.
Other equities analysts also recently issued reports about the company. DA Davidson reduced their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. Raymond James set a $110.00 price objective on SouthState in a research report on Monday, April 28th. Citigroup raised SouthState from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Barclays dropped their target price on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods dropped 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 research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, SouthState has an average rating of "Buy" and an average price target of $116.90.
Read Our Latest Analysis on SouthState
SouthState Stock Performance
Shares of SSB stock opened at $91.77 on Monday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The business has a 50 day moving average of $88.56 and a two-hundred day moving average of $97.98. SouthState has a 52 week low of $70.68 and a 52 week high of $114.27. The company has a market cap of $9.31 billion, a P/E ratio of 13.19 and a beta of 0.75.
Insider Activity
In other SouthState news, Director Janet P. Froetscher acquired 2,717 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was purchased at an average cost of $92.02 per share, for a total transaction of $250,018.34. Following the completion of the acquisition, the director now owns 4,689 shares of the company's stock, valued at approximately $431,481.78. This trade represents a 137.78% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Sara Arana sold 1,991 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $100.78, for a total value of $200,652.98. Following the transaction, the chief accounting officer now directly owns 4,787 shares of the company's stock, valued at $482,433.86. This represents 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.
Hedge Funds Weigh In On SouthState
A number of hedge funds have recently modified their holdings of SSB. The Manufacturers Life Insurance Company increased its holdings in SouthState by 5.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 773,843 shares of the bank's stock valued at $76,982,000 after purchasing an additional 42,041 shares in the last quarter. Capital Research Global Investors bought a new position in shares of SouthState in the 4th quarter worth $60,311,000. HighTower Advisors LLC boosted its position in shares of SouthState by 33.4% in the 4th quarter. HighTower Advisors LLC now owns 14,877 shares of the bank's stock worth $1,480,000 after purchasing an additional 3,724 shares during the last quarter. Natixis Advisors LLC raised its stake in SouthState by 74.4% during the 4th quarter. Natixis Advisors LLC now owns 36,501 shares of the bank's stock worth $3,631,000 after buying an additional 15,573 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in SouthState during the 4th quarter worth $5,682,000. 89.76% of the stock is owned by institutional investors and hedge funds.
SouthState Company Profile
(
Get Free Report)
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.
See Also
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