Citigroup Cuts SouthState Bank (NYSE:SSB) Price Target to $115.00

SouthState Bank (NYSE:SSB) had its target price lowered by equities researchers at Citigroup from $116.00 to $115.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 14.28% from the company’s previous close.

SSB has been the subject of a number of other research reports. TD Cowen cut their target price on shares of SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research note on Monday, April 27th. DA Davidson restated a “buy” rating and set a $125.00 price target on shares of SouthState Bank in a research report on Wednesday, June 10th. Truist Financial cut their price objective on SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Barclays reduced their price objective on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. Finally, JPMorgan Chase & Co. increased their target price on SouthState Bank from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, SouthState Bank currently has a consensus rating of “Buy” and a consensus price target of $118.23.

SouthState Bank Price Performance

Shares of SSB traded up $0.88 during trading hours on Thursday, hitting $100.63. The stock had a trading volume of 427,427 shares, compared to its average volume of 833,460. The company’s fifty day moving average is $96.05 and its two-hundred day moving average is $96.88. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank has a 52 week low of $84.47 and a 52 week high of $108.46. The stock has a market capitalization of $9.83 billion, a price-to-earnings ratio of 10.85 and a beta of 0.70.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.07. The firm had revenue of $661.70 million during the quarter, compared to the consensus estimate of $669.28 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period last year, the firm posted $0.87 EPS. On average, analysts anticipate that SouthState Bank will post 9.5 EPS for the current year.

Insider Buying and Selling at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the transaction, the director owned 12,700 shares in the company, valued at $1,249,553. The trade was a 52.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SouthState Bank

Several hedge funds and other institutional investors have recently made changes to their positions in SSB. Parallel Advisors LLC lifted its stake in shares of SouthState Bank by 421.6% during the first quarter. Parallel Advisors LLC now owns 772 shares of the company’s stock valued at $71,000 after acquiring an additional 624 shares during the period. Carlson Capital L.P. boosted its holdings in SouthState Bank by 86.6% in the first quarter. Carlson Capital L.P. now owns 18,098 shares of the company’s stock valued at $1,674,000 after acquiring an additional 8,398 shares during the last quarter. Bank of America Corp DE increased its position in SouthState Bank by 9.6% in the first quarter. Bank of America Corp DE now owns 787,307 shares of the company’s stock worth $72,842,000 after purchasing an additional 68,776 shares during the period. Amundi raised its holdings in SouthState Bank by 67.2% during the 1st quarter. Amundi now owns 8,163 shares of the company’s stock worth $755,000 after purchasing an additional 3,280 shares during the last quarter. Finally, California State Teachers Retirement System raised its holdings in SouthState Bank by 24.6% during the 1st quarter. California State Teachers Retirement System now owns 119,039 shares of the company’s stock worth $11,013,000 after purchasing an additional 23,477 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

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.