SouthState Bank (NYSE:SSB) Price Target Raised to $118.00

SouthState Bank (NYSE:SSB) had its target price upped by stock analysts at Truist Financial from $108.00 to $118.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 11.47% from the company’s current price.

Several other brokerages also recently commented on SSB. Hovde Group upped their target price on shares of SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. DA Davidson reissued a “buy” rating and issued a $125.00 price target on shares of SouthState Bank in a report on Wednesday, June 10th. UBS Group cut shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price objective for the company. in a research report on Tuesday, July 7th. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 14th. Finally, Fundamental Research set a $120.00 target price on SouthState Bank in a report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, SouthState Bank has an average rating of “Moderate Buy” and a consensus target price of $118.43.

SouthState Bank Trading Up 0.7%

Shares of NYSE SSB opened at $105.86 on Tuesday. The company’s 50 day simple moving average is $98.22 and its 200 day simple moving average is $97.83. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $10.34 billion, a P/E ratio of 11.10 and a beta of 0.70. SouthState Bank has a fifty-two week low of $84.47 and a fifty-two week high of $108.46.

SouthState Bank (NYSE:SSB) last released its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.The business had revenue of $672.67 million during the quarter, compared to the consensus estimate of $676.83 million. During the same quarter in the prior year, the company posted $2.30 earnings per share. On average, analysts predict that SouthState Bank will post 9.51 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Krilogy Financial LLC bought a new stake in shares of SouthState Bank during the 2nd quarter worth approximately $267,000. Polaris Capital Management LLC bought a new position in shares of SouthState Bank in the second quarter valued at $2,913,000. E. Ohman J or Asset Management AB bought a new stake in SouthState Bank during the second quarter worth $3,159,000. FNY Investment Advisers LLC bought a new stake in SouthState Bank during the second quarter worth $50,000. Finally, GAMMA Investing LLC lifted its stake in SouthState Bank by 19.2% in the second quarter. GAMMA Investing LLC now owns 2,516 shares of the company’s stock valued at $251,000 after acquiring an additional 405 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

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.