Brokerages Set SouthState Bank Corporation (NYSE:SSB) Price Target at $118.71

SouthState Bank Corporation (NYSE:SSB) has been assigned an average recommendation of “Buy” from the fifteen analysts that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $118.7143.

A number of analysts recently weighed in on the stock. Barclays increased their price objective on shares of SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. DA Davidson boosted their target price on shares of SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Stephens upped their target price on shares of SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. JPMorgan Chase & Co. dropped their price target on shares of SouthState Bank from $120.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. Finally, TD Cowen lifted their price target on SouthState Bank from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, January 26th.

Institutional Trading of SouthState Bank

Hedge funds have recently added to or reduced their stakes in the business. Mather Group LLC. acquired a new position in shares of SouthState Bank during the third quarter valued at $33,000. Global Retirement Partners LLC lifted its holdings in SouthState Bank by 106.8% in the third quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after purchasing an additional 188 shares during the period. True Wealth Design LLC lifted its holdings in 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 period. Covestor Ltd grew its position in SouthState Bank by 385.1% in the 3rd quarter. Covestor Ltd now owns 490 shares of the company’s stock valued at $49,000 after buying an additional 389 shares in the last quarter. Finally, Measured Wealth Private Client Group LLC bought a new position in SouthState Bank in the 3rd quarter valued at about $51,000. Institutional investors own 89.76% of the company’s stock.

SouthState Bank Trading Down 1.6%

NYSE:SSB opened at $98.54 on Friday. The firm has a market capitalization of $9.66 billion, a P/E ratio of 12.54 and a beta of 0.75. The business has a 50 day simple moving average of $96.53 and a 200 day simple moving average of $95.43. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank has a 12-month low of $83.92 and a 12-month high of $108.46.

SouthState Bank (NYSE:SSB) last issued its 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 firm had revenue of $686.87 million for the quarter, compared to analyst estimates of $667.88 million. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.During the same period last year, the company earned $1.93 earnings per share. Equities research analysts predict that SouthState Bank will post 9.54 EPS for the current year.

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.