SouthState (NASDAQ:SSB - Get Free Report) was upgraded by equities researchers at Truist Financial to a "strong-buy" rating in a report issued on Monday, May 12th,Zacks.com reports.
SSB has been the subject of a number of other research reports. Keefe, Bruyette & Woods dropped their price objective on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Barclays cut their price target 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. 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. Raymond James set a $110.00 target price on shares of SouthState in a research report on Monday, April 28th. Finally, Stephens reiterated an "overweight" rating and issued a $119.00 price target on shares of SouthState in a report on Monday, April 28th. 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. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $116.90.
Read Our Latest Research Report on SouthState
SouthState Trading Down 0.5%
SouthState stock traded down $0.43 during midday trading on Monday, reaching $90.99. The stock had a trading volume of 176,735 shares, compared to its average volume of 649,842. SouthState has a 52-week low of $70.68 and a 52-week high of $114.27. The company has a fifty day moving average of $88.61 and a 200 day moving average of $97.83. The firm has a market cap of $9.23 billion, a price-to-earnings ratio of 13.07 and a beta of 0.75. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.
Insider Buying and Selling
In other SouthState news, Director G Stacy Smith acquired 3,100 shares of the stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $93.60 per share, with a total value of $290,160.00. Following the transaction, the director now directly owns 36,779 shares of the company's stock, valued at $3,442,514.40. This trade represents a 9.20% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Sara Arana sold 1,991 shares of the business's stock in a transaction on 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 owns 4,787 shares in the company, valued at approximately $482,433.86. This trade represents a 29.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On SouthState
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wedmont Private Capital raised its position in shares of SouthState by 16.3% in the 4th quarter. Wedmont Private Capital now owns 2,786 shares of the bank's stock valued at $258,000 after purchasing an additional 391 shares during the last quarter. Fifth Third Wealth Advisors LLC increased its stake in SouthState by 46.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 3,342 shares of the bank's stock valued at $332,000 after purchasing an additional 1,063 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of SouthState during the fourth quarter worth $21,498,000. HB Wealth Management LLC grew its holdings in shares of SouthState by 2.4% during the fourth quarter. HB Wealth Management LLC now owns 16,163 shares of the bank's stock valued at $1,608,000 after buying an additional 384 shares during the last quarter. Finally, Liberty One Investment Management LLC acquired a new position in shares of SouthState in the 4th quarter valued at $799,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.
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.
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