Citigroup Issues Positive Forecast for SouthState Bank (NYSE:SSB) Stock Price

SouthState Bank (NYSE:SSB) had its price objective upped by Citigroup from $116.00 to $120.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 20.16% from the stock’s previous close.

SSB has been the topic of several other reports. Raymond James Financial boosted their price target on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research note on Wednesday, January 7th. Piper Sandler lowered their price objective on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. Barclays increased their target price on shares of SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a research note on Monday. DA Davidson raised their price target on shares of SouthState Bank from $112.00 to $119.00 and gave the stock a “buy” rating in a report on Monday. Finally, UBS Group dropped their price objective on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $116.86.

SouthState Bank Trading Down 0.3%

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

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.17. The firm had revenue of $686.87 million during 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 posted $1.93 EPS.

Institutional Investors Weigh In On SouthState Bank

A number of institutional investors and hedge funds have recently bought and sold shares of SSB. Fort Washington Investment Advisors Inc. OH grew its position in SouthState Bank by 52.6% in the 3rd 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 in the last quarter. CWM LLC lifted its position in shares of SouthState Bank by 689.1% during the 3rd quarter. CWM LLC now owns 91,288 shares of the company’s stock worth $9,026,000 after buying 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 third quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company’s stock valued at $3,192,000 after acquiring an additional 16,482 shares in the last quarter. Signaturefd LLC grew its holdings in shares of SouthState Bank by 101.0% in the third quarter. Signaturefd LLC now owns 25,068 shares of the company’s stock valued at $2,478,000 after acquiring an additional 12,597 shares in the last quarter. Finally, Merit Financial Group LLC purchased a new stake in shares of SouthState Bank during the third quarter valued at approximately $1,190,000. 89.76% of the stock is owned by hedge funds and other 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.