SouthState Bank (NYSE:SSB) Rating Lowered to “Sell” at 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 report released on Saturday.

A number of other research firms have also recently commented on SSB. Stephens increased their target price on shares of SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Truist Financial dropped their target price on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a report on Monday, April 27th. Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. DA Davidson increased their target price on shares of SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Finally, Hovde Group increased their target price on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, SouthState Bank presently has an average rating of “Buy” and a consensus price target of $118.23.

SouthState Bank Trading Up 0.0%

SSB opened at $96.30 on Friday. SouthState Bank has a twelve month low of $84.47 and a twelve month high of $108.46. The company has a 50-day simple moving average of $95.37 and a 200 day simple moving average of $95.46. 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 stock has a market capitalization of $9.41 billion, a price-to-earnings ratio of 10.39 and a beta of 0.72.

SouthState Bank (NYSE:SSB) last posted its earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.07. The firm had revenue of $661.70 million during the quarter, compared to analysts’ expectations of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same quarter in the prior year, the business earned $0.87 earnings per share. Analysts predict that SouthState Bank will post 9.46 EPS for the current fiscal year.

Insider Activity

In other news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the transaction, the director owned 12,700 shares of the company’s stock, valued at $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC increased its stake in shares of SouthState Bank by 106.8% in the third quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock valued at $36,000 after buying an additional 188 shares during the period. Root Financial Partners LLC increased its stake in shares of SouthState Bank by 100.0% in the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after buying an additional 210 shares during the period. Covestor Ltd increased its stake in shares of SouthState Bank by 385.1% in the third quarter. Covestor Ltd now owns 490 shares of the company’s stock valued at $49,000 after buying an additional 389 shares during the period. Measured Wealth Private Client Group LLC acquired a new position in shares of SouthState Bank in the third quarter valued at approximately $51,000. Finally, GHP Investment Advisors Inc. acquired a new position in shares of SouthState Bank in the first quarter valued at approximately $52,000. 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.