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

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

Several other brokerages have also commented on SSB. Piper Sandler decreased their price target on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Stephens lifted their price objective on SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Monday, January 26th. JPMorgan Chase & Co. initiated coverage on shares of SouthState Bank in a research note on Friday, December 12th. They issued an “overweight” rating and a $115.00 target price on the stock. Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Finally, Citigroup lifted their price target on shares of SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, SouthState Bank currently has a consensus rating of “Buy” and an average target price of $118.71.

SouthState Bank Price Performance

Shares of SouthState Bank stock traded up $0.25 during trading on Thursday, hitting $106.49. 1,019,755 shares of the company’s stock traded hands, compared to its average volume of 834,563. The firm has a market cap of $10.70 billion, a P/E ratio of 13.55 and a beta of 0.74. The business’s fifty day simple moving average is $96.70. 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.

SouthState Bank (NYSE:SSB) last announced 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 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 last year, the company earned $1.93 earnings per share.

Institutional Investors Weigh In On SouthState Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its position in SouthState Bank by 12.4% during the second quarter. Blue Trust Inc. now owns 991 shares of the company’s stock valued at $91,000 after acquiring an additional 109 shares during the last quarter. Sheets Smith Wealth Management raised its position in shares of SouthState Bank by 1.7% in the 3rd quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company’s stock worth $638,000 after acquiring an additional 111 shares in the last quarter. Nicholas Hoffman & Company LLC. lifted its stake in shares of SouthState Bank by 0.7% in the 4th quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock valued at $1,555,000 after purchasing an additional 111 shares during the period. B. Riley Wealth Advisors Inc. boosted its position in shares of SouthState Bank by 4.9% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock valued at $245,000 after purchasing an additional 115 shares in the last quarter. Finally, Nicholson Wealth Management Group LLC boosted its position in shares of SouthState Bank by 1.8% during the 2nd quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock valued at $663,000 after purchasing an additional 125 shares in the last quarter. 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.