Barclays Lowers SouthState Bank (NYSE:SSB) Price Target to $123.00

SouthState Bank (NYSE:SSB) had its price objective reduced by investment analysts at Barclays from $126.00 to $123.00 in a report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s target price suggests a potential upside of 27.95% from the company’s current price.

A number of other analysts have also recently issued reports on the stock. Hovde Group lifted their target price on shares of SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday. Raymond James Financial lifted their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research note on Wednesday, January 7th. Weiss Ratings upgraded shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. Truist Financial reduced their price objective on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research note on Monday. Finally, TD Cowen boosted their price objective on shares of SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, SouthState Bank presently has an average rating of “Buy” and an average price target of $118.79.

SouthState Bank Stock Up 1.3%

NYSE SSB traded up $1.28 during trading on Monday, reaching $96.14. The company’s stock had a trading volume of 420,552 shares, compared to its average volume of 875,896. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $9.43 billion, a PE ratio of 10.37 and a beta of 0.75. The business has a 50-day moving average price of $96.13 and a 200-day moving average price of $95.35. SouthState Bank has a 1-year low of $84.47 and a 1-year high of $108.46.

SouthState Bank (NYSE:SSB) last posted its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. The firm had revenue of $661.70 million during the quarter, compared to analysts’ expectations of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period in the previous year, the company earned $0.87 earnings per share. On average, research analysts forecast that SouthState Bank will post 9.54 earnings per share for the current fiscal year.

Institutional Trading of SouthState Bank

Institutional investors and hedge funds have recently modified their holdings of the company. Mather Group LLC. acquired a new position in shares of SouthState Bank in the 3rd quarter valued at $33,000. Global Retirement Partners LLC raised its stake in shares of SouthState Bank by 106.8% in the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock valued at $36,000 after buying an additional 188 shares in the last quarter. True Wealth Design LLC raised its stake in shares of 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 buying an additional 377 shares in the last quarter. Root Financial Partners LLC raised its stake in shares of SouthState Bank by 100.0% in the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after buying an additional 210 shares in the last quarter. Finally, Covestor Ltd raised its stake in shares of 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. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Company Profile

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.