SouthState Bank (NYSE:SSB) Price Target Cut to $110.00 by Analysts at JPMorgan Chase & Co.

SouthState Bank (NYSE:SSB) had its price objective lowered by JPMorgan Chase & Co. from $120.00 to $110.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities analysts have also issued reports on the company. Stephens upped their price target on SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Citigroup lifted their price objective on SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Weiss Ratings raised SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. TD Cowen upped their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Finally, Jefferies Financial Group raised their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $118.71.

SouthState Bank Stock Performance

SSB stock opened at $93.58 on Wednesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.93 and a quick ratio of 0.92. The company has a 50 day moving average price of $98.30 and a 200 day moving average price of $95.76. SouthState Bank has a fifty-two week low of $77.74 and a fifty-two week high of $108.46. The stock has a market capitalization of $9.18 billion, a PE ratio of 11.91 and a beta of 0.75.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, beating analysts’ consensus estimates 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 EPS.

SouthState Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were issued a dividend of $0.60 per share. The ex-dividend date was Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. SouthState Bank’s dividend payout ratio (DPR) is 30.53%.

Institutional Trading of SouthState Bank

Institutional investors and hedge funds have recently modified their holdings of the stock. Fort Washington Investment Advisors Inc. OH raised its holdings in SouthState Bank by 52.6% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock worth $24,723,000 after purchasing an additional 86,234 shares during the period. CWM LLC boosted its position in shares of SouthState Bank by 689.1% during the third quarter. CWM LLC now owns 91,288 shares of the company’s stock worth $9,026,000 after purchasing an additional 79,719 shares in the last quarter. HBK Sorce Advisory LLC grew its holdings in shares of SouthState Bank by 100.1% in the 3rd quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company’s stock valued at $3,192,000 after buying an additional 16,482 shares during the period. Signaturefd LLC increased its position in shares of SouthState Bank by 101.0% in the 3rd quarter. Signaturefd LLC now owns 25,068 shares of the company’s stock valued at $2,478,000 after buying an additional 12,597 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of SouthState Bank by 4.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company’s stock valued at $37,675,000 after buying an additional 16,974 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

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.