SouthState Bank (NYSE:SSB) Stock Rating Lowered by Wall Street Zen

SouthState Bank (NYSE:SSB) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday, Wall Street Zen reports.

SSB has been the subject of several other research reports. TD Cowen reduced their price objective on shares of SouthState Bank from $120.00 to $116.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Truist Financial lowered their target price on shares of SouthState Bank from $118.00 to $113.00 and set a “buy” rating on the stock in a research report on Friday, October 9th. Piper Sandler increased their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Stephens reaffirmed an “overweight” rating and issued a $116.00 target price on shares of SouthState Bank in a report on Monday, July 27th. Finally, Fundamental Research set a $120.00 price target on shares of SouthState Bank in a research report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $118.54.

SouthState Bank Trading Up 0.2%

NYSE:SSB opened at $105.73 on Friday. SouthState Bank has a 1 year low of $84.47 and a 1 year high of $112.20. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a fifty day moving average price of $103.94 and a two-hundred day moving average price of $100.93. The stock has a market capitalization of $10.25 billion, a price-to-earnings ratio of 11.26 and a beta of 0.78.

SouthState Bank (NYSE:SSB) last issued its earnings results on Wednesday, October 21st. The company reported $2.30 EPS for the quarter, missing the consensus estimate of $2.40 by ($0.10). SouthState Bank had a return on equity of 10.23% and a net margin of 24.63%. The company had revenue of $685.43 million for the quarter, compared to analysts’ expectations of $691.13 million. During the same quarter in the previous year, the firm posted $2.58 earnings per share. As a group, sell-side analysts anticipate that SouthState Bank will post 9.44 earnings per share for the current fiscal year.

Insider Buying and Selling at SouthState Bank

In related news, Director David R. Brooks sold 24,650 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the sale, the director directly owned 7,900 shares of the company’s stock, valued at approximately $869,000. This represents a 75.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William Matthews sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the transaction, the chief financial officer owned 40,568 shares of the company’s stock, valued at $4,419,072.24. This trade represents a 8.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 34,831 shares of company stock valued at $3,814,274 in the last ninety days. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On SouthState Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cibc World Market Inc. acquired a new position in shares of SouthState Bank during the 2nd quarter worth approximately $1,823,000. Y Intercept Hong Kong Ltd purchased a new stake in SouthState Bank in the 1st quarter valued at approximately $4,898,000. State Street Corp grew its holdings in SouthState Bank by 3.3% during the 2nd quarter. State Street Corp now owns 3,858,127 shares of the company’s stock valued at $385,427,000 after buying an additional 123,549 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in SouthState Bank during the 2nd quarter valued at $3,099,000. Finally, Man Group plc acquired a new stake in SouthState Bank during the 2nd quarter valued at $2,069,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Bank Company Profile

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.