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

SouthState Bank (NYSE:SSB) had its target price upped by equities researchers at Citigroup from $116.00 to $120.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 20.16% from the stock’s current price.

A number of other research analysts have also recently commented on the stock. DA Davidson increased their target price on shares of SouthState Bank from $112.00 to $119.00 and gave the stock a “buy” rating in a report on Monday. Weiss Ratings reiterated a “hold (c+)” rating on shares of SouthState Bank in a research report on Monday, December 29th. Piper Sandler dropped their price objective on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. UBS Group cut their target price on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Finally, Raymond James Financial upped their price target 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. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $116.86.

SouthState Bank Trading Down 0.3%

NYSE SSB traded down $0.33 on Monday, hitting $99.86. 200,741 shares of the company’s stock were exchanged, compared to its average volume of 723,597. The business has a 50-day moving average price of $94.28. The company has a market cap of $10.04 billion, a PE ratio of 12.72 and a beta of 0.74. 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 posted its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.17. The company had revenue of $686.87 million during the quarter, compared to analysts’ expectations 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 previous year, the firm earned $1.93 EPS.

Institutional Trading of SouthState Bank

A number of institutional investors and hedge funds have recently bought and sold shares of SSB. Mather Group LLC. bought a new position in SouthState Bank during the 3rd quarter worth $33,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of SouthState Bank in the second quarter valued at about $34,000. Global Retirement Partners LLC increased its stake in shares of SouthState Bank by 106.8% in the third quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock valued at $36,000 after buying an additional 188 shares during the period. True Wealth Design LLC raised its position in shares of SouthState Bank by 37,700.0% during the third quarter. True Wealth Design LLC now owns 378 shares of the company’s stock worth $37,000 after acquiring an additional 377 shares during the last quarter. Finally, TFC Financial Management Inc. lifted its stake in shares of SouthState Bank by 49,800.0% in the second quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock worth $46,000 after acquiring an additional 498 shares during the period. 89.76% of the stock is currently 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.