JPMorgan Chase & Co. Issues Positive Forecast for SouthState Bank (NYSE:SSB) Stock Price

SouthState Bank (NYSE:SSB) had its price target increased by equities research analysts at JPMorgan Chase & Co. from $115.00 to $120.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 18.71% from the stock’s current price.

A number of other brokerages have also recently issued reports on SSB. Fundamental Research set a $120.00 target price on SouthState Bank in a report on Wednesday. Citigroup decreased their target price on SouthState Bank from $116.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday, June 25th. Truist Financial lowered their price objective on SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Barclays dropped their price target on shares of SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. Finally, Weiss Ratings cut shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $118.71.

SouthState Bank Stock Up 1.2%

NYSE SSB traded up $1.19 during trading hours on Wednesday, hitting $101.08. 79,836 shares of the company traded hands, compared to its average volume of 841,180. SouthState Bank has a twelve month low of $84.47 and a twelve month high of $108.46. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. The business’s 50-day moving average is $96.21 and its 200-day moving average is $97.09. The stock has a market capitalization of $9.87 billion, a price-to-earnings ratio of 10.90 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 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. The business had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.28 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same quarter in the prior year, the business earned $0.87 EPS. Sell-side analysts anticipate that SouthState Bank will post 9.5 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director David R. Brooks sold 14,300 shares of the stock in a transaction dated 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 sale, the director directly owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.70% of the stock is owned by insiders.

Institutional Investors Weigh In On SouthState Bank

Several large investors have recently added to or reduced their stakes in the business. Root Financial Partners LLC raised its stake in SouthState Bank by 100.0% in the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after purchasing an additional 210 shares in the last quarter. Measured Wealth Private Client Group LLC purchased a new position in SouthState Bank in the third quarter worth $51,000. GHP Investment Advisors Inc. bought a new position in SouthState Bank in the first quarter valued at $52,000. Danske Bank A S bought a new stake in SouthState Bank during the third quarter worth about $59,000. Finally, Harbour Investments Inc. purchased a new position in shares of SouthState Bank in the 4th quarter worth about $68,000. Institutional investors 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.