SouthState Bank (NYSE:SSB) Upgraded to Hold at UBS Group

SouthState Bank (NYSE:SSB) was upgraded by research analysts at UBS Group to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other analysts have also issued reports on the stock. DA Davidson restated a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a research report on Wednesday, June 10th. Barclays cut their price target on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a report on Tuesday. Fundamental Research set a $120.00 price target on SouthState Bank in a research note on Wednesday, July 1st. Truist Financial decreased their price objective on SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Finally, Citigroup lowered their price objective on SouthState Bank from $116.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, SouthState Bank presently has an average rating of “Moderate Buy” and an average target price of $117.50.

SouthState Bank Stock Performance

NYSE SSB opened at $99.38 on Tuesday. The firm has a market cap of $9.71 billion, a P/E ratio of 10.72 and a beta of 0.70. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. The business’s 50-day moving average price is $96.50 and its 200 day moving average price is $97.25. SouthState Bank has a 52-week low of $84.47 and a 52-week high of $108.46.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. The business had revenue of $661.70 million during the quarter, compared to the consensus estimate of $669.28 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same quarter last year, the firm posted $0.87 EPS. On average, equities research analysts expect that SouthState Bank will post 9.51 earnings per share for the current year.

Insider Buying and Selling

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the transaction, the director directly owned 12,700 shares of the company’s stock, valued at $1,249,553. The trade was a 52.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On SouthState Bank

Hedge funds and other institutional investors have recently made changes to their positions in the business. Root Financial Partners LLC boosted its position in SouthState Bank by 100.0% during the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after purchasing an additional 210 shares during the period. FNY Investment Advisers LLC acquired a new stake in SouthState Bank in the 2nd quarter valued at $50,000. Measured Wealth Private Client Group LLC purchased a new position in SouthState Bank in the third quarter valued at about $51,000. GHP Investment Advisors Inc. purchased a new position in SouthState Bank in the first quarter valued at about $52,000. Finally, Danske Bank A S acquired a new position in shares of SouthState Bank during the third quarter worth about $59,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

About SouthState Bank

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.