DA Davidson Has Lowered Expectations for SouthState (NASDAQ:SSB) Stock Price

SouthState (NASDAQ:SSB) had its price target dropped by equities researchers at DA Davidson from $125.00 to $115.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. DA Davidson’s target price would indicate a potential upside of 33.43% from the stock’s current price.

SSB has been the topic of several other research reports. Stephens reissued an “overweight” rating and set a $119.00 target price on shares of SouthState in a report on Monday. Raymond James raised shares of SouthState from an “outperform” rating to a “strong-buy” rating and lowered their price target for the company from $120.00 to $115.00 in a report on Wednesday, April 2nd. Barclays cut their target price on SouthState from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Finally, Citigroup raised SouthState from a “neutral” rating to a “buy” rating and raised their price target for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $117.10.

SouthState Stock Down 1.3 %

Shares of SSB stock traded down $1.18 during trading hours on Monday, reaching $86.19. 343,368 shares of the stock were exchanged, compared to its average volume of 625,820. SouthState has a 12-month low of $70.68 and a 12-month high of $114.27. 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 market capitalization of $8.74 billion, a P/E ratio of 12.37 and a beta of 0.65. The business’s fifty day moving average is $90.93 and its two-hundred day moving average is $98.89.

Insiders Place Their Bets

In other SouthState news, CAO Sara Arana sold 1,991 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $100.78, for a total value of $200,652.98. Following the sale, the chief accounting officer now directly owns 4,787 shares in the company, valued at $482,433.86. The trade was a 29.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO William E. V. Matthews sold 6,531 shares of the firm’s stock in a transaction that occurred on 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On SouthState

Large investors have recently added to or reduced their stakes in the stock. Summit Securities Group LLC purchased a new stake in shares of SouthState during the 4th quarter valued at $38,000. Aquatic Capital Management LLC purchased a new stake in shares of SouthState during the 4th quarter worth $45,000. Quadrant Capital Group LLC increased its holdings in shares of SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock valued at $51,000 after acquiring an additional 99 shares during the period. Versant Capital Management Inc lifted its holdings in shares of SouthState by 577.4% in the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank’s stock valued at $53,000 after buying an additional 485 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of SouthState by 181.7% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank’s stock worth $54,000 after purchasing an additional 378 shares during the last quarter. 89.76% of the stock is owned by institutional investors.

About SouthState

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.