SouthState Bank (NYSE:SSB) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

SouthState Bank (NYSE:SSB) had its target price lifted by equities researchers at JPMorgan Chase & Co. from $110.00 to $115.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 22.42% from the stock’s current price.

Several other analysts have also commented on SSB. Wall Street Zen raised SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday. DA Davidson lifted their price objective on SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Stephens lifted their price objective on SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Truist Financial cut their price objective on SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a report on Monday, April 27th. Finally, Barclays reduced their price target on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating for the company in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $118.62.

SouthState Bank Stock Performance

Shares of SSB traded down $0.62 during trading hours on Thursday, hitting $93.94. The stock had a trading volume of 384,954 shares, compared to its average volume of 859,982. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank has a 12 month low of $84.47 and a 12 month high of $108.46. The firm has a market capitalization of $9.17 billion, a PE ratio of 10.12 and a beta of 0.72. The stock has a fifty day moving average price of $94.43 and a 200 day moving average price of $95.61.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping the consensus estimate of $2.21 by $0.07. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The company had revenue of $661.70 million during the quarter, compared to analyst estimates of $669.29 million. During the same quarter in the previous year, the company posted $0.87 earnings per share. Analysts anticipate that SouthState Bank will post 9.46 EPS for the current year.

Insider Buying and Selling at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the transaction, the director owned 12,700 shares of the company’s stock, valued at $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SouthState Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nicholas Hoffman & Company LLC. raised its position in SouthState Bank by 0.7% during the fourth quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock valued at $1,555,000 after purchasing an additional 111 shares during the period. B. Riley Wealth Advisors Inc. raised its position in SouthState Bank by 4.9% during the third quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock valued at $245,000 after purchasing an additional 115 shares during the period. Cetera Investment Advisers raised its position in SouthState Bank by 0.6% during the first quarter. Cetera Investment Advisers now owns 18,959 shares of the company’s stock valued at $1,754,000 after purchasing an additional 116 shares during the period. HB Wealth Management LLC raised its position in SouthState Bank by 0.7% during the first quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock valued at $1,670,000 after purchasing an additional 129 shares during the period. Finally, MML Investors Services LLC raised its position in SouthState Bank by 5.9% during the fourth quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock valued at $222,000 after purchasing an additional 131 shares during the period. 89.76% of the stock is owned by 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.