SouthState (NASDAQ:SSB) Coverage Initiated at Jefferies Financial Group

Analysts at Jefferies Financial Group assumed coverage on shares of SouthState (NASDAQ:SSB) in a report issued on Wednesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $110.00 price target on the bank’s stock. Jefferies Financial Group’s target price points to a potential upside of 24.95% from the stock’s previous close.

Several other analysts also recently commented on the stock. Truist Financial initiated coverage on shares of SouthState in a research report on Tuesday, May 13th. They issued a “buy” rating and a $106.00 target price for the company. Keefe, Bruyette & Woods decreased their target price on shares of SouthState from $130.00 to $120.00 and set an “outperform” rating for the company in a research report on Tuesday, May 6th. Raymond James set a $110.00 target price on shares of SouthState in a research report on Monday, April 28th. Barclays decreased their target price on shares of SouthState from $120.00 to $115.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, SouthState presently has an average rating of “Buy” and a consensus price target of $116.27.

SouthState Stock Performance

SSB stock opened at $88.03 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $8.93 billion, a price-to-earnings ratio of 12.65 and a beta of 0.75. SouthState has a 12 month low of $70.68 and a 12 month high of $114.27. The firm has a 50 day moving average of $88.46 and a two-hundred day moving average of $97.66.

Insider Activity at SouthState

In related news, CAO Sara Arana sold 1,991 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $100.78, for a total transaction of $200,652.98. Following the completion of the transaction, the chief accounting officer now directly owns 4,787 shares in the company, valued at $482,433.86. This represents a 29.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Janet P. Froetscher purchased 2,717 shares of the stock in a transaction on Monday, March 10th. The stock was acquired at an average cost of $92.02 per share, for a total transaction of $250,018.34. Following the acquisition, the director now directly owns 4,689 shares in the company, valued at approximately $431,481.78. This trade represents a 137.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On SouthState

Several institutional investors and hedge funds have recently bought and sold shares of SSB. Fort Washington Investment Advisors Inc. OH increased its holdings in SouthState by 20.4% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 201,229 shares of the bank’s stock valued at $20,018,000 after buying an additional 34,080 shares during the period. Sheets Smith Wealth Management grew its holdings in shares of SouthState by 4.1% in the 4th quarter. Sheets Smith Wealth Management now owns 5,929 shares of the bank’s stock worth $590,000 after purchasing an additional 232 shares during the last quarter. Avior Wealth Management LLC grew its holdings in shares of SouthState by 22,412.5% in the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock worth $179,000 after purchasing an additional 1,793 shares during the last quarter. Inspire Investing LLC grew its holdings in shares of SouthState by 122.2% in the 4th quarter. Inspire Investing LLC now owns 6,543 shares of the bank’s stock worth $651,000 after purchasing an additional 3,598 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of SouthState by 16.8% in the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after purchasing an additional 167 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

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.