SouthState Bank (NYSE:SSB) Given New $126.00 Price Target at Barclays

SouthState Bank (NYSE:SSB) had its price objective hoisted by equities research analysts at Barclays from $122.00 to $126.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target suggests a potential upside of 26.17% from the company’s current price.

Other equities analysts have also recently issued reports about the company. JPMorgan Chase & Co. started coverage on SouthState Bank in a research report on Friday, December 12th. They set an “overweight” rating and a $115.00 price target on the stock. Raymond James Financial lifted their target price on SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a report on Wednesday, January 7th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of SouthState Bank in a report on Monday, December 29th. Piper Sandler decreased their price target on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Finally, Citigroup cut their price objective on SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Two investment 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. Based on data from MarketBeat, SouthState Bank has an average rating of “Moderate Buy” and an average target price of $116.86.

SouthState Bank Price Performance

Shares of NYSE SSB traded down $0.33 during midday trading on Monday, reaching $99.86. 200,741 shares of the company traded hands, compared to its average volume of 723,597. The firm has a market capitalization of $10.04 billion, a P/E ratio of 12.72 and a beta of 0.74. The stock’s 50-day moving average is $94.28. SouthState Bank has a 52 week low of $77.74 and a 52 week high of $109.64. 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 (NYSE:SSB) last released its earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, beating the consensus estimate of $2.30 by $0.17. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. The firm had revenue of $686.87 million for the quarter, compared to analysts’ expectations of $667.88 million. During the same quarter last year, the company earned $1.93 EPS.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SSB. Blue Trust Inc. lifted its position in SouthState Bank by 12.4% in the 2nd quarter. Blue Trust Inc. now owns 991 shares of the company’s stock worth $91,000 after buying an additional 109 shares in the last quarter. Sheets Smith Wealth Management increased its stake in shares of SouthState Bank by 1.7% in the third quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company’s stock worth $638,000 after acquiring an additional 111 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in shares of SouthState Bank by 4.9% during the third quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock worth $245,000 after acquiring an additional 115 shares in the last quarter. Nicholson Wealth Management Group LLC boosted its position in SouthState Bank by 1.8% during the second quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock valued at $663,000 after purchasing an additional 125 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in SouthState Bank by 14.0% in the second quarter. Fifth Third Bancorp now owns 1,090 shares of the company’s stock valued at $100,000 after purchasing an additional 134 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Bank Company Profile

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.