SouthState (NASDAQ:SSB) Price Target Raised to $112.00

SouthState (NASDAQ:SSB) had its price objective increased by DA Davidson from $102.00 to $112.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. DA Davidson’s price target would indicate a potential upside of 13.15% from the stock’s current price.

Several other equities analysts also recently weighed in on SSB. Keefe, Bruyette & Woods raised their price target on SouthState from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, May 28th. Piper Sandler upped their target price on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. Stephens reissued an “equal weight” rating and set a $88.00 price objective on shares of SouthState in a report on Thursday. Truist Financial cut their target price on shares of SouthState from $84.00 to $81.00 and set a “hold” rating for the company in a research report on Monday, July 8th. Finally, Raymond James raised shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 target price for the company in a report on Tuesday, May 21st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, SouthState has a consensus rating of “Hold” and an average price target of $93.43.

SouthState Trading Up 1.7 %

SSB stock traded up $1.69 during trading on Friday, reaching $98.98. The company had a trading volume of 78,513 shares, compared to its average volume of 475,729. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.90 and a quick ratio of 0.89. SouthState has a 52 week low of $63.36 and a 52 week high of $99.90. The company has a market cap of $7.54 billion, a P/E ratio of 16.15 and a beta of 0.68. The business has a 50 day moving average of $78.48 and a 200 day moving average of $80.34.

SouthState (NASDAQ:SSB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. The firm had revenue of $425.48 million for the quarter, compared to analysts’ expectations of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.40%. The company’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.63 EPS. As a group, sell-side analysts forecast that SouthState will post 6.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SouthState

A number of institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC boosted its stake in SouthState by 1.9% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,144,513 shares of the bank’s stock valued at $87,464,000 after buying an additional 21,160 shares during the last quarter. Ceredex Value Advisors LLC increased its position in SouthState by 13.8% in the second quarter. Ceredex Value Advisors LLC now owns 181,615 shares of the bank’s stock worth $13,879,000 after purchasing an additional 22,000 shares during the last quarter. Raymond James & Associates lifted its position in SouthState by 0.6% during the second quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock valued at $1,631,000 after purchasing an additional 126 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of SouthState by 286.8% in the 2nd quarter. Blue Trust Inc. now owns 4,526 shares of the bank’s stock worth $346,000 after buying an additional 3,356 shares during the last quarter. Finally, Hunter Perkins Capital Management LLC raised its position in shares of SouthState by 8.3% during the 2nd quarter. Hunter Perkins Capital Management LLC now owns 32,420 shares of the bank’s stock valued at $2,478,000 after buying an additional 2,490 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

About SouthState

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.