SouthState (NASDAQ:SSB) Raised to “Strong-Buy” at Raymond James

SouthState (NASDAQ:SSB) was upgraded by analysts at Raymond James from an “outperform” rating to a “strong-buy” rating in a note issued to investors on Wednesday,Finviz reports. The brokerage currently has a $115.00 price target on the bank’s stock, down from their previous price target of $120.00. Raymond James’ price objective would suggest a potential upside of 24.51% from the company’s current price.

Other research analysts also recently issued research reports about the company. Stephens reissued an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research note on Friday, March 7th. UBS Group began coverage on SouthState in a report on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price on the stock. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and upped their price target for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Finally, Barclays started coverage on shares of SouthState in a research note on Tuesday. They set an “overweight” rating and a $120.00 price objective on the stock. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, SouthState presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.40.

SouthState Trading Down 0.5 %

SSB opened at $92.36 on Wednesday. SouthState has a fifty-two week low of $70.68 and a fifty-two week high of $114.27. The company has a market cap of $9.36 billion, a price-to-earnings ratio of 13.27 and a beta of 0.68. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a 50 day simple moving average of $98.74 and a 200 day simple moving average of $100.58.

Insider Buying and Selling

In other news, CFO William E. V. Matthews sold 6,531 shares of the stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total transaction of $707,241.99. Following the completion of the transaction, the chief financial officer now directly owns 34,107 shares in the company, valued at $3,693,447.03. This represents a 16.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director G Stacy Smith bought 3,100 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the transaction, the director now owns 36,779 shares of the company’s stock, valued at $3,442,514.40. The trade was a 9.20 % increase in their position. The disclosure for this purchase can be found here. 1.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SSB. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of SouthState by 181.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank’s stock valued at $54,000 after buying an additional 378 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in SouthState by 48.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,314 shares of the bank’s stock worth $2,916,000 after acquiring an additional 9,594 shares in the last quarter. Forum Financial Management LP acquired a new stake in SouthState in the fourth quarter valued at $260,000. GTS Securities LLC bought a new position in shares of SouthState in the 4th quarter valued at about $594,000. Finally, Vise Technologies Inc. acquired a new position in shares of SouthState during the 4th quarter worth about $345,000. 89.76% of the stock is currently owned by institutional investors.

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.