Stephens Reiterates Overweight Rating for SouthState (NASDAQ:SSB)

SouthState (NASDAQ:SSB - Get Free Report)'s stock had its "overweight" rating restated by investment analysts at Stephens in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $119.00 price target on the bank's stock. Stephens' price target indicates a potential upside of 33.15% from the stock's current price.

SSB has been the topic of several other reports. Raymond James raised shares of SouthState from an "outperform" rating to a "strong-buy" rating and lowered their price target for the company from $120.00 to $115.00 in a report on Wednesday, April 2nd. Citigroup raised SouthState from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Finally, Barclays decreased their price objective on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, SouthState presently has a consensus rating of "Moderate Buy" and a consensus target price of $116.60.

SouthState Stock Performance

NASDAQ SSB traded up $1.72 during trading on Monday, reaching $89.37. 500,475 shares of the company's stock were exchanged, compared to its average volume of 631,945. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The business has a 50 day moving average price of $89.68 and a 200-day moving average price of $98.48. The stock has a market capitalization of $9.06 billion, a P/E ratio of 12.84 and a beta of 0.65. SouthState has a fifty-two week low of $70.68 and a fifty-two week high of $114.27.

Insider Activity at SouthState

In other news, Director Janet P. Froetscher bought 2,717 shares of the stock in a transaction on Monday, March 10th. The stock was acquired at an average price of $92.02 per share, with a total value of $250,018.34. Following the acquisition, the director now directly owns 4,689 shares in the company, valued at approximately $431,481.78. This trade represents a 137.78 % increase in their ownership of the stock. The transaction 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 stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $100.78, for a total value of $200,652.98. Following the completion of the transaction, the chief accounting officer now owns 4,787 shares of the company's stock, valued at $482,433.86. This 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 insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SSB. Summit Securities Group LLC acquired a new position in SouthState in the 4th quarter valued at approximately $38,000. Aquatic Capital Management LLC bought a new position in SouthState during the 4th quarter worth $45,000. Quadrant Capital Group LLC lifted its holdings in SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after buying an additional 99 shares during the period. Versant Capital Management Inc grew its position in shares of SouthState by 577.4% in the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock valued at $53,000 after buying an additional 485 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its stake in shares of SouthState by 181.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock valued at $54,000 after buying an additional 378 shares during the period. 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.