SouthState Corporation [SSB] Revenue clocked in at $1.14 billion, down -2.71% YTD: What’s Next?

SouthState Corporation [NASDAQ: SSB] plunged by $0.0 during the normal trading session on Friday and reaching a high of $79.66 during the day while it closed the day at $77.94. The company report on July 28, 2022 that SouthState Corporation Reports Second Quarter 2022 Results, Declares an Increase in the Quarterly Cash Dividend.

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SouthState Corporation (NASDAQ: SSB) today released its unaudited results of operations and other financial information for the three-month and six-month periods ended June 30, 2022.

The Company reported consolidated net income of $1.57 per diluted common share for the three months ended June 30, 2022, compared to $1.39 per diluted common share for the three months ended March 31, 2022, and compared to $1.39 per diluted common share one year ago.

SouthState Corporation stock has also loss -3.32% of its value over the past 7 days. However, SSB stock has declined by -4.18% in the 3 months of the year. Over the past six months meanwhile, it has lost -7.63% and lost -2.71% year-on date.

The market cap for SSB stock reached $6.03 billion, with 75.46 million shares outstanding and 74.63 million shares in the current float. Compared to the average trading volume of 344.80K shares, SSB reached a trading volume of 252857 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about SouthState Corporation [SSB]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SSB shares is $94.29 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SSB stock is a recommendation set at 2.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Keefe Bruyette have made an estimate for SouthState Corporation shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on June 03, 2022. The new note on the price target was released on December 16, 2021, representing the official price target for SouthState Corporation stock. Previously, the target price had yet another raise to $81, while DA Davidson analysts kept a Buy rating on SSB stock. On August 16, 2021, analysts decreased their price target for SSB shares from 91 to 67.

The Average True Range (ATR) for SouthState Corporation is set at 1.66, with the Price to Sales ratio for SSB stock in the period of the last 12 months amounting to 5.31. The Price to Book ratio for the last quarter was 1.17, with the Price to Cash per share for the same quarter was set at 73.13. Price to Free Cash Flow for SSB in the course of the last twelve months was 13.89.

SSB stock trade performance evaluation

SouthState Corporation [SSB] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.32. With this latest performance, SSB shares dropped by -4.22% in over the last four-week period, additionally sinking by -7.63% over the last 6 months – not to mention a rise of 12.84% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SSB stock in for the last two-week period is set at 36.65, with the RSI for the last a single of trading hit 28.37, and the three-weeks RSI is set at 41.83 for SouthState Corporation [SSB]. The present Moving Average for the last 50 days of trading for this stock 80.30, while it was recorded at 78.54 for the last single week of trading, and 81.31 for the last 200 days.

Earnings per share (EPS) analysis for SouthState Corporation [SSB] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SSB. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for SouthState Corporation go to 12.00%.

SouthState Corporation [SSB]: Insider Ownership positions

There are presently around $4,886 million, or 85.60% of SSB stock, in the hands of institutional investors. The top three institutional holders of SSB stocks are: VANGUARD GROUP INC with ownership of 7,915,209, which is approximately 0.006% of the company’s market cap and around 0.70% of the total institutional ownership; BLACKROCK INC., holding 5,711,186 shares of the stock with an approximate value of $445.13 million in SSB stocks shares; and SELECT EQUITY GROUP, L.P., currently with $259.23 million in SSB stock with ownership of nearly -2.185% of the company’s market capitalization.

Positions in SouthState Corporation stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 125 institutional holders increased their position in SouthState Corporation [NASDAQ:SSB] by around 3,413,760 shares. Additionally, 141 investors decreased positions by around 3,776,820 shares, while 76 investors held positions by with 55,496,426 shares. The mentioned changes placed institutional holdings at 62,687,006 shares, according to the latest SEC report filing. SSB stock had 29 new institutional investments in for a total of 712,719 shares, while 26 institutional investors sold positions of 356,829 shares during the same period.


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