SouthState Bank (NYSE:SSB) Price Target Raised to $119.00

SouthState Bank (NYSE:SSB) had its target price hoisted by equities researchers at DA Davidson from $112.00 to $119.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. DA Davidson’s price target indicates a potential upside of 17.93% from the company’s current price.

Other equities analysts also recently issued reports about the company. Stephens cut their target price on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. TD Cowen lowered their price target on shares of SouthState Bank from $120.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, January 7th. Citigroup dropped their price objective on SouthState Bank from $117.00 to $116.00 and set a “buy” rating for the company in a report on Monday, October 27th. Piper Sandler cut their price objective on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Finally, UBS Group decreased their price objective on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. 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 stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.29.

SouthState Bank Trading Up 0.7%

NYSE SSB traded up $0.72 during trading hours on Monday, hitting $100.91. 72,194 shares of the company’s stock traded hands, compared to its average volume of 714,539. The stock has a fifty day simple moving average of $94.28. The firm has a market capitalization of $10.14 billion, a price-to-earnings ratio of 12.80 and a beta of 0.74. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank has a 52 week low of $77.74 and a 52 week high of $109.64.

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 the consensus estimate of $2.30 by $0.17. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.The business had revenue of $686.87 million for the quarter, compared to analysts’ expectations of $667.88 million. During the same period in the prior year, the firm earned $1.93 EPS.

Hedge Funds Weigh In On SouthState Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Deprince Race & Zollo Inc. lifted its holdings in SouthState Bank by 10.6% during the 4th quarter. Deprince Race & Zollo Inc. now owns 163,352 shares of the company’s stock worth $15,373,000 after buying an additional 15,672 shares during the period. Daytona Street Capital LLC bought a new position in SouthState Bank in the 4th quarter valued at about $1,054,000. Aaron Wealth Advisors LLC purchased a new position in SouthState Bank during the 4th quarter worth $463,000. Stratos Wealth Partners LTD. purchased a new position in SouthState Bank in the fourth quarter worth $245,000. Finally, Fifth Third Wealth Advisors LLC increased its stake in shares of SouthState Bank by 3.8% during the 4th 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 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.