SouthState Bank (NYSE:SSB) Given New $110.00 Price Target at JPMorgan Chase & Co.

SouthState Bank (NYSE:SSB) had its price objective lowered by analysts at JPMorgan Chase & Co. from $120.00 to $110.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 17.54% from the stock’s previous close.

A number of other equities analysts have also issued reports on the company. DA Davidson raised their price target on SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Citigroup lifted their target price on SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Stephens increased their price target on SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Hovde Group upgraded shares of SouthState Bank from a “market perform” rating to an “outperform” rating and set a $110.00 price objective on the stock in a research report on Thursday, March 19th. Finally, Barclays upped their price objective on shares of SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $118.71.

SouthState Bank Stock Up 1.2%

SSB stock traded up $1.06 during midday trading on Wednesday, reaching $93.58. 1,071,645 shares of the company were exchanged, compared to its average volume of 869,565. SouthState Bank has a 1-year low of $77.74 and a 1-year high of $108.46. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.93. The company has a market cap of $9.18 billion, a price-to-earnings ratio of 11.91 and a beta of 0.73. The stock’s 50-day simple moving average is $98.44 and its 200 day simple moving average is $95.78.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.17. The firm had revenue of $686.87 million during 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 business earned $1.93 EPS.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. World Investment Advisors grew its stake in SouthState Bank by 4.6% in the 4th quarter. World Investment Advisors now owns 13,107 shares of the company’s stock valued at $1,233,000 after acquiring an additional 576 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in SouthState Bank by 195,900.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,960 shares of the company’s stock worth $184,000 after acquiring an additional 1,959 shares during the last quarter. MidFirst Bank acquired a new position in SouthState Bank during the fourth quarter worth about $398,000. DGS Capital Management LLC purchased a new stake in shares of SouthState Bank in the fourth quarter valued at about $493,000. Finally, Wealth Preservation Advisors LLC purchased a new stake in shares of SouthState Bank in the fourth quarter valued at about $422,000. Institutional investors and hedge funds 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.