TD Cowen Boosts SouthState Bank (NYSE:SSB) Price Target to $120.00

SouthState Bank (NYSE:SSB) had its price target boosted by research analysts at TD Cowen from $115.00 to $120.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price target would suggest a potential upside of 20.44% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. Raymond James Financial boosted their price objective on shares of SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a report on Wednesday, January 7th. Piper Sandler lowered their price objective on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Stephens boosted their price target on SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Monday. Weiss Ratings reiterated a “hold (c+)” rating on shares of SouthState Bank in a research note on Monday, December 29th. Finally, UBS Group reduced their target price 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 analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank has an average rating of “Moderate Buy” and a consensus price target of $117.21.

SouthState Bank Stock Down 0.6%

Shares of NYSE SSB traded down $0.56 on Monday, reaching $99.63. 325,198 shares of the company’s stock traded hands, compared to its average volume of 725,325. The company has a 50 day moving average of $94.28. SouthState Bank has a 12 month low of $77.74 and a 12 month high of $109.64. The stock has a market cap of $10.01 billion, a P/E ratio of 12.68 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 (NYSE:SSB) last posted its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.17. The company had revenue of $686.87 million for the quarter, compared to the consensus estimate of $667.88 million. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.During the same quarter in the prior year, the business posted $1.93 EPS.

Hedge Funds Weigh In On SouthState Bank

Several hedge funds have recently modified their holdings of the stock. Mather Group LLC. purchased a new position in SouthState Bank during the third quarter valued at $33,000. Steward Partners Investment Advisory LLC bought a new position in shares of SouthState Bank during the 2nd quarter valued at about $34,000. Global Retirement Partners LLC grew its position in shares of SouthState Bank by 106.8% during the third quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock valued at $36,000 after purchasing an additional 188 shares in the last quarter. True Wealth Design LLC increased its holdings in shares of SouthState Bank by 37,700.0% in the third quarter. True Wealth Design LLC now owns 378 shares of the company’s stock worth $37,000 after purchasing an additional 377 shares during the last quarter. Finally, TFC Financial Management Inc. boosted its stake in SouthState Bank by 49,800.0% during the second quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock valued at $46,000 after buying an additional 498 shares during the last quarter. Hedge funds and other institutional investors 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.