JPMorgan Chase & Co. Cuts SouthState Bank (NYSE:SSB) Price Target to $120.00

by · The Markets Daily

SouthState Bank (NYSE:SSB – Free Report) had its price target reduced by JPMorgan Chase & Co. from $125.00 to $120.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also weighed in on SSB. UBS Group lowered shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price on the stock. in a research note on Tuesday, July 7th. Barclays dropped their price target on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a research report on Tuesday, July 7th. Fundamental Research set a $120.00 price target on SouthState Bank in a report on Wednesday, July 1st. Piper Sandler lifted their price objective on SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Finally, Citigroup boosted their price objective on SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $119.08.

Check Out Our Latest Stock Analysis on SSB

SouthState Bank Price Performance

Shares of NYSE SSB opened at $102.05 on Thursday. The firm has a 50-day simple moving average of $105.93 and a 200-day simple moving average of $99.80. The stock has a market capitalization of $9.90 billion, a price-to-earnings ratio of 10.73 and a beta of 0.78. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. SouthState Bank has a 52 week low of $84.47 and a 52 week high of $112.20.

SouthState Bank (NYSE:SSB – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The firm had revenue of $672.67 million for the quarter, compared to analyst estimates of $676.83 million. During the same period in the previous year, the business posted $2.30 earnings per share. On average, equities analysts predict that SouthState Bank will post 9.46 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were issued a $0.66 dividend. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date was Friday, August 7th. This represents a $2.64 annualized dividend and a yield of 2.6%. SouthState Bank’s payout ratio is presently 27.76%.

Insider Transactions at SouthState Bank

In other news, Director David R. Brooks sold 24,650 shares of the company’s stock in a transaction that occurred on 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 transaction, the director directly owned 7,900 shares in the company, valued at approximately $869,000. This represents a 75.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO William Matthews sold 4,000 shares of SouthState Bank stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the sale, 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 position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 34,831 shares of company stock valued at $3,814,274. Company insiders own 1.70% of the company’s stock.

Institutional Trading of SouthState Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SSB. Cetera Investment Advisers increased its position in shares of SouthState Bank by 0.6% in the 1st quarter. Cetera Investment Advisers now owns 18,959 shares of the company’s stock worth $1,754,000 after purchasing an additional 116 shares during the last quarter. HB Wealth Management LLC raised its stake in shares of SouthState Bank by 0.7% in the 1st quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock valued at $1,670,000 after purchasing an additional 129 shares in the last quarter. Gamco Investors INC. ET AL lifted its position in shares of SouthState Bank by 0.3% during the first quarter. Gamco Investors INC. ET AL now owns 48,472 shares of the company’s stock worth $4,485,000 after purchasing an additional 161 shares during the last quarter. Sheets Smith Wealth Management lifted its position in shares of SouthState Bank by 2.5% during the second quarter. Sheets Smith Wealth Management now owns 6,635 shares of the company’s stock worth $663,000 after purchasing an additional 164 shares during the last quarter. Finally, Inspire Investing LLC grew its stake in SouthState Bank by 5.0% in the first quarter. Inspire Investing LLC now owns 3,641 shares of the company’s stock worth $337,000 after purchasing an additional 172 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

About SouthState Bank

(Get Free Report)

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

Its business also includes commercial banking, treasury and cash-management services, equipment financing, small-business lending, and wealth-management and trust services.

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