SouthState Bank (NYSE:SSB) Price Target Raised to $126.00 at Barclays

SouthState Bank (NYSE:SSB) had its target price lifted by Barclays from $122.00 to $126.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 26.17% from the stock’s current price.

Several other research firms also recently commented on SSB. Weiss Ratings reissued a “hold (c+)” rating on shares of SouthState Bank in a research report on Monday, December 29th. JPMorgan Chase & Co. assumed coverage on SouthState Bank in a research note on Friday, December 12th. They set an “overweight” rating and a $115.00 price target for the company. Citigroup lowered their price objective on SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a report on Monday, October 27th. TD Cowen reduced their target price on SouthState Bank from $120.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, January 7th. Finally, UBS Group decreased their target price on SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, SouthState Bank presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.86.

SouthState Bank Trading Down 0.3%

NYSE SSB traded down $0.33 during trading on Monday, reaching $99.86. The company’s stock had a trading volume of 200,741 shares, compared to its average volume of 723,597. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $10.04 billion, a PE ratio of 12.72 and a beta of 0.74. SouthState Bank has a 1-year low of $77.74 and a 1-year high of $109.64. The stock has a 50-day simple moving average of $94.28.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, topping the consensus estimate of $2.30 by $0.17. The company had revenue of $686.87 million for the quarter, compared to analyst estimates 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 posted $1.93 EPS.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SSB. Mather Group LLC. bought a new stake in shares of SouthState Bank in the third quarter valued at approximately $33,000. Global Retirement Partners LLC raised its stake in SouthState Bank by 106.8% during the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock valued at $36,000 after purchasing an additional 188 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in SouthState Bank in the 2nd quarter valued at $34,000. True Wealth Design LLC boosted its holdings in SouthState Bank by 37,700.0% in the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company’s stock valued at $37,000 after purchasing an additional 377 shares during the period. Finally, 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 worth $49,000 after purchasing an additional 389 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.