Weiss Ratings Reiterates "Buy (B-)" Rating for SouthState Bank (NYSE:SSB)

Key Points

• Weiss Ratings has reaffirmed its "Buy (B-)" rating for SouthState Bank (NYSE:SSB), indicating strong confidence in the bank's future performance.
• Analysts from Cowen and TD Cowen have also initiated coverage with a "buy" rating, setting price targets of $127.00 and $117.00 respectively, reflecting positive sentiment around the stock.
• Insider transactions show increased confidence, with Director Janet P. Froetscher purchasing 3,338 shares at an average price of $97.31, representing a 67.35% increase in her position.

SouthState Bank (NYSE:SSB - Get Free Report)'s stock had its "buy (b-)" rating reissued by Weiss Ratings in a research note issued to investors on Friday,Weiss Ratings reports.

Several other equities research analysts also recently weighed in on the company. Cowen started coverage on SouthState Bank in a report on Wednesday, September 24th. They set a "buy" rating on the stock. TD Cowen began coverage on SouthState Bank in a report on Thursday, September 25th. They set a "buy" rating and a $127.00 price target on the stock. Citigroup reiterated a "buy" rating and issued a $117.00 price objective (up previously from $113.00) on shares of SouthState Bank in a report on Monday, July 28th. National Bankshares set a $127.00 price objective on SouthState Bank in a report on Wednesday, September 24th. Finally, Barclays increased their price objective on SouthState Bank from $117.00 to $120.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $117.08.

SouthState Bank Price Performance

Shares of NYSE SSB opened at $90.53 on Friday. The business's 50-day moving average is $98.94. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. SouthState Bank has a 1-year low of $77.74 and a 1-year high of $114.26. The stock has a market cap of $9.16 billion, a P/E ratio of 12.45 and a beta of 0.68.

SouthState Bank (NYSE:SSB - Get Free Report) last issued its quarterly earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.38. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.The company had revenue of $698.78 million for the quarter, compared to the consensus estimate of $660.41 million. During the same quarter in the prior year, the business earned $1.90 EPS.

Insider Buying and Selling

In other news, Director Janet P. Froetscher purchased 3,338 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The shares were purchased at an average price of $97.31 per share, for a total transaction of $324,820.78. Following the purchase, the director directly owned 8,294 shares of the company's stock, valued at $807,089.14. This represents a 67.35% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director G Stacy Smith purchased 2,500 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were purchased at an average price of $92.30 per share, for a total transaction of $230,750.00. Following the purchase, the director directly owned 39,546 shares in the company, valued at $3,650,095.80. The trade was a 6.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 8,338 shares of company stock worth $786,321 in the last quarter. 1.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SSB. Rise Advisors LLC purchased a new position in SouthState Bank during the 1st quarter worth approximately $33,000. Mather Group LLC. purchased a new position in shares of SouthState Bank in the 3rd quarter valued at approximately $33,000. Steward Partners Investment Advisory LLC purchased a new position in shares of SouthState Bank in the 2nd quarter valued at approximately $34,000. Global Retirement Partners LLC grew its stake in shares of SouthState Bank by 106.8% in the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company's stock valued at $36,000 after purchasing an additional 188 shares during the last quarter. Finally, True Wealth Design LLC grew its stake in shares of SouthState Bank by 37,700.0% in the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company's stock valued at $37,000 after purchasing an additional 377 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

About SouthState Bank

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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.

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