SouthState Bank (NYSE:SSB) Price Target Raised to $125.00 at DA Davidson

SouthState Bank (NYSE:SSB) had its price objective increased by DA Davidson from $119.00 to $125.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. DA Davidson’s price target would suggest a potential upside of 17.38% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Stephens raised their price objective on SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Jefferies Financial Group upped their price target on SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday. Citigroup increased their price objective on shares of SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, January 26th. TD Cowen lifted their price target on SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Finally, Weiss Ratings raised SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $118.71.

SouthState Bank Stock Up 0.2%

NYSE:SSB traded up $0.25 during trading hours on Thursday, reaching $106.49. The company had a trading volume of 1,019,755 shares, compared to its average volume of 834,563. SouthState Bank has a twelve month low of $77.74 and a twelve month high of $108.18. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $10.70 billion, a price-to-earnings ratio of 13.55 and a beta of 0.74. The stock has a 50-day moving average price of $96.70.

SouthState Bank (NYSE:SSB) last released its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.17. The company had revenue of $686.87 million for the quarter, compared to analysts’ expectations of $667.88 million. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. During the same quarter in the prior year, the firm earned $1.93 EPS.

Institutional Investors Weigh In On SouthState Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SSB. Vanguard Group Inc. increased its stake in shares of SouthState Bank by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock worth $1,029,315,000 after purchasing an additional 161,928 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in SouthState Bank by 1.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,666,617 shares of the company’s stock valued at $461,392,000 after buying an additional 84,812 shares in the last quarter. American Century Companies Inc. raised its holdings in SouthState Bank by 10.1% during the 2nd quarter. American Century Companies Inc. now owns 1,948,379 shares of the company’s stock valued at $179,310,000 after acquiring an additional 178,842 shares during the period. Invesco Ltd. lifted its position in shares of SouthState Bank by 35.6% during the third quarter. Invesco Ltd. now owns 1,591,034 shares of the company’s stock worth $157,306,000 after acquiring an additional 418,031 shares in the last quarter. Finally, Laurel Wealth Advisors LLC lifted its position in shares of SouthState Bank by 9,074.2% during the second quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company’s stock worth $132,125,000 after acquiring an additional 1,420,019 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Bank Company Profile

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.