SouthState Bank (NYSE:SSB) Price Target Lowered to $110.00 at JPMorgan Chase & Co.

SouthState Bank (NYSE:SSB) had its price objective decreased by investment analysts at JPMorgan Chase & Co. from $120.00 to $110.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 17.54% from the stock’s previous close.

Several other brokerages also recently weighed in on SSB. Hovde Group raised shares of SouthState Bank from a “market perform” rating to an “outperform” rating and set a $110.00 target price for the company in a research note on Thursday, March 19th. DA Davidson lifted their price target on shares of SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Barclays boosted their price objective on shares of SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. Finally, Stephens raised their target price on shares of SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank presently has an average rating of “Buy” and an average price target of $118.71.

SouthState Bank Price Performance

SouthState Bank stock traded up $1.06 during mid-day trading on Wednesday, hitting $93.58. 1,071,645 shares of the company were exchanged, compared to its average volume of 869,565. SouthState Bank has a 12-month low of $77.74 and a 12-month high of $108.46. The company has a market capitalization of $9.18 billion, a P/E ratio of 11.91 and a beta of 0.73. The business’s 50 day simple moving average is $98.44 and its two-hundred day simple moving average is $95.78. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.93 and a quick ratio of 0.92.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.17. The business had revenue of $686.87 million for the quarter, compared to the consensus estimate 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 in the prior year, the business earned $1.93 earnings per share.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Mather Group LLC. acquired a new position in SouthState Bank during the third quarter worth approximately $33,000. Steward Partners Investment Advisory LLC acquired a new position in shares of SouthState Bank in the 2nd quarter valued at $34,000. Global Retirement Partners LLC grew its stake in shares of 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 buying an additional 188 shares during the period. True Wealth Design LLC increased its holdings in shares of SouthState Bank by 37,700.0% during the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company’s stock worth $37,000 after buying an additional 377 shares during the last quarter. Finally, Covestor Ltd increased its holdings in shares of SouthState Bank by 385.1% during the 3rd quarter. Covestor Ltd now owns 490 shares of the company’s stock worth $49,000 after buying an additional 389 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

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.