SouthState (NASDAQ:SSB) Now Covered by Jefferies Financial Group

Analysts at Jefferies Financial Group initiated coverage on shares of SouthState (NASDAQ:SSB) in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage set a “buy” rating and a $110.00 price target on the bank’s stock. Jefferies Financial Group’s price target indicates a potential upside of 21.45% from the company’s current price.

SSB has been the topic of a number of other research reports. DA Davidson cut their price objective on shares of SouthState from $125.00 to $115.00 and set a “buy” rating on the stock in a research report on Monday, April 28th. Barclays cut their price target on SouthState from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Stephens restated an “overweight” rating and set a $119.00 price objective on shares of SouthState in a report on Monday, April 28th. Raymond James set a $110.00 target price on SouthState in a research report on Monday, April 28th. Finally, Truist Financial started coverage on SouthState in a report on Tuesday, May 13th. They issued a “buy” rating and a $106.00 target price on the stock. One research analyst has rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $116.27.

SouthState Stock Down 0.9%

Shares of NASDAQ SSB opened at $90.57 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 firm has a market cap of $9.19 billion, a PE ratio of 13.01 and a beta of 0.75. The company’s fifty day simple moving average is $88.63 and its 200 day simple moving average is $97.78. SouthState has a 12-month low of $70.68 and a 12-month high of $114.27.

Insider Buying and Selling at SouthState

In other SouthState news, Director Janet P. Froetscher acquired 2,717 shares of SouthState stock in a transaction on Monday, March 10th. The stock was purchased at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the purchase, the director now directly owns 4,689 shares of the company’s stock, valued at $431,481.78. This trade represents a 137.78% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Sara Arana sold 1,991 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were 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 of the company’s stock, valued at approximately $482,433.86. This represents a 29.37% 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 Trading of SouthState

A number of large investors have recently added to or reduced their stakes in SSB. Intech Investment Management LLC increased its stake in shares of SouthState by 48.4% during the 1st quarter. Intech Investment Management LLC now owns 46,120 shares of the bank’s stock worth $4,281,000 after purchasing an additional 15,034 shares during the last quarter. Flaharty Asset Management LLC bought a new position in SouthState during the first quarter valued at $45,000. Jane Street Group LLC increased its position in SouthState by 4.6% in the first quarter. Jane Street Group LLC now owns 82,984 shares of the bank’s stock worth $7,703,000 after buying an additional 3,678 shares during the last quarter. Bayforest Capital Ltd raised its stake in shares of SouthState by 253.3% in the first quarter. Bayforest Capital Ltd now owns 756 shares of the bank’s stock valued at $70,000 after buying an additional 542 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of SouthState by 25.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 345,405 shares of the bank’s stock valued at $32,060,000 after buying an additional 70,378 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

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.