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

SouthState Bank (NYSE:SSB) had its price target lifted by stock analysts at JPMorgan Chase & Co. from $115.00 to $120.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 18.71% from the company’s previous close.

SSB has been the subject of a number of other research reports. Truist Financial lowered their price target on SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Wall Street Zen raised SouthState Bank from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Weiss Ratings downgraded shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Barclays dropped their target price on shares of SouthState Bank from $126.00 to $123.00 and set an “overweight” rating for the company in a research report on Monday, April 27th. Finally, Citigroup reduced their price target on shares of SouthState Bank from $116.00 to $115.00 and set a “buy” rating on the stock in a research report on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, SouthState Bank has an average rating of “Buy” and a consensus target price of $118.71.

SouthState Bank Trading Up 1.2%

SSB stock traded up $1.19 during trading on Wednesday, hitting $101.08. 79,836 shares of the company traded hands, compared to its average volume of 841,180. The company has a 50-day moving average of $96.21 and a 200-day moving average of $97.09. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. SouthState Bank has a 1 year low of $84.47 and a 1 year high of $108.46. The firm has a market capitalization of $9.87 billion, a PE ratio of 10.90 and a beta of 0.70.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. The company had revenue of $661.70 million during the quarter, compared to analyst estimates of $669.28 million. During the same period in the prior year, the business posted $0.87 EPS. Analysts predict that SouthState Bank will post 9.5 earnings per share for the current fiscal year.

Insider Activity at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the sale, the director owned 12,700 shares in the company, valued at $1,249,553. This represents a 52.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SouthState Bank

Several hedge funds have recently added to or reduced their stakes in SSB. Nicholas Hoffman & Company LLC. grew its stake in shares of SouthState Bank by 0.7% in the fourth quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock worth $1,555,000 after acquiring an additional 111 shares during the last quarter. Cetera Investment Advisers boosted its stake in SouthState Bank by 0.6% in the 1st quarter. Cetera Investment Advisers now owns 18,959 shares of the company’s stock worth $1,754,000 after purchasing an additional 116 shares in the last quarter. HB Wealth Management LLC boosted its stake in SouthState Bank by 0.7% in the 1st quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock worth $1,670,000 after purchasing an additional 129 shares in the last quarter. MML Investors Services LLC grew its position in SouthState Bank by 5.9% during the 4th quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock valued at $222,000 after purchasing an additional 131 shares during the last quarter. Finally, FourThought Financial Partners LLC grew its position in SouthState Bank by 5.8% during the 4th quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock valued at $239,000 after purchasing an additional 139 shares during the last quarter. 89.76% of the stock is owned by institutional investors.

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.