SouthState Bank (NYSE:SSB) Price Target Raised to $120.00 at Stephens

SouthState Bank (NYSE:SSB) had its price target upped by Stephens from $110.00 to $120.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Stephens’ price target would suggest a potential upside of 18.92% from the company’s current price.

A number of other research analysts have also weighed in on SSB. TD Cowen reduced their price objective on shares of SouthState Bank from $120.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, January 7th. Citigroup lowered their target price on shares of SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. JPMorgan Chase & Co. began coverage on SouthState Bank in a report on Friday, December 12th. They set an “overweight” rating and a $115.00 price objective on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of SouthState Bank in a research note on Monday, December 29th. Finally, Barclays dropped their price target on shares of SouthState Bank from $125.00 to $122.00 and set an “overweight” rating for the company in a research report on Friday, December 19th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $116.29.

SouthState Bank Trading Up 0.7%

NYSE SSB traded up $0.72 on Monday, hitting $100.91. 72,194 shares of the company’s stock were exchanged, compared to its average volume of 714,539. The company has a market cap of $10.14 billion, a PE ratio of 12.80 and a beta of 0.74. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. SouthState Bank has a 52 week low of $77.74 and a 52 week high of $109.64. The business has a 50-day moving average price of $94.28.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.17. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.The company had revenue of $686.87 million during the quarter, compared to the consensus estimate of $667.88 million. During the same period last year, the company earned $1.93 earnings per share.

Institutional Investors Weigh In On SouthState Bank

Institutional investors have recently added to or reduced their stakes in the stock. Deprince Race & Zollo Inc. boosted its stake in SouthState Bank by 10.6% in the fourth quarter. Deprince Race & Zollo Inc. now owns 163,352 shares of the company’s stock valued at $15,373,000 after acquiring an additional 15,672 shares in the last quarter. Daytona Street Capital LLC acquired a new position in SouthState Bank in the fourth quarter valued at $1,054,000. Aaron Wealth Advisors LLC acquired a new position in shares of SouthState Bank in the 4th quarter valued at $463,000. Stratos Wealth Partners LTD. acquired a new stake in SouthState Bank during the 4th quarter worth approximately $245,000. Finally, Fifth Third Wealth Advisors LLC lifted its stake in shares of SouthState Bank by 3.8% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 37,707 shares of the company’s stock worth $3,549,000 after purchasing an additional 1,393 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

About SouthState Bank

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.