Stephens Reaffirms Overweight Rating for SouthState (NASDAQ:SSB)

SouthState (NASDAQ:SSB - Get Free Report)'s stock had its "overweight" rating reiterated by equities researchers at Stephens in a research note issued on Monday,Benzinga reports. They presently have a $119.00 price objective on the bank's stock. Stephens' price objective would suggest a potential upside of 36.91% from the company's current price.

SSB has been the topic of several other reports. Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and upped their target price for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Raymond James upgraded shares of SouthState from an "outperform" rating to a "strong-buy" rating and lowered their target price for the stock from $120.00 to $115.00 in a report on Wednesday, April 2nd. Finally, Barclays decreased their target price on SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $116.80.

SouthState Price Performance

SouthState stock traded down $0.44 during midday trading on Monday, reaching $86.92. 59,718 shares of the stock traded hands, compared to its average volume of 624,720. The stock has a market cap of $8.81 billion, a P/E ratio of 12.50 and a beta of 0.65. SouthState has a 12 month low of $70.68 and a 12 month high of $114.27. The stock's fifty day moving average is $90.93 and its 200-day moving average is $98.89. 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 at SouthState

In other news, Director Janet P. Froetscher acquired 2,717 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were bought at an average cost of $92.02 per share, for a total transaction of $250,018.34. Following the acquisition, the director now owns 4,689 shares in the company, valued at approximately $431,481.78. This represents a 137.78 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William E. V. Matthews sold 6,531 shares of the stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the completion of the transaction, the chief financial officer now directly owns 34,107 shares of the company's stock, valued at approximately $3,693,447.03. This represents a 16.07 % 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 corporate insiders.

Institutional Investors Weigh In On SouthState

A number of hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its stake in SouthState by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock valued at $192,531,000 after acquiring an additional 93,312 shares in the last quarter. Northern Trust Corp grew its position in SouthState by 9.4% in the fourth quarter. Northern Trust Corp now owns 1,111,758 shares of the bank's stock worth $110,598,000 after acquiring an additional 95,841 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in SouthState by 5.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,093,176 shares of the bank's stock worth $100,856,000 after buying an additional 51,933 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of SouthState by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank's stock worth $103,448,000 after buying an additional 52,042 shares during the period. Finally, Fisher Asset Management LLC raised its holdings in shares of SouthState by 19.6% in the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock valued at $84,703,000 after buying an additional 139,602 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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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