Barclays Lowers SouthState Bank (NYSE:SSB) Price Target to $122.00

SouthState Bank (NYSE:SSB) had its price target cut by Barclays from $125.00 to $122.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price would indicate a potential upside of 25.55% from the stock’s current price.

Several other brokerages also recently commented on SSB. Piper Sandler reduced their target price on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Cowen initiated coverage on shares of SouthState Bank in a research report on Wednesday, September 24th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. initiated coverage on shares of SouthState Bank in a research note on Friday, December 12th. They set an “overweight” rating and a $115.00 price objective on the stock. Citigroup cut their target price on shares of SouthState Bank from $117.00 to $116.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Finally, TD Cowen decreased their price target on SouthState Bank from $127.00 to $120.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, SouthState Bank has an average rating of “Moderate Buy” and a consensus target price of $115.07.

SouthState Bank Stock Down 0.2%

Shares of SSB opened at $97.17 on Friday. SouthState Bank has a 12 month low of $77.74 and a 12 month high of $109.64. The company has a market capitalization of $9.77 billion, a PE ratio of 13.37 and a beta of 0.76. The business’s 50-day simple moving average is $91.17. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB) last issued its earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.38. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.The business had revenue of $698.78 million during the quarter, compared to analysts’ expectations of $660.41 million. During the same period in the prior year, the firm posted $1.90 EPS.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SSB. Vanguard Group Inc. boosted its position in SouthState Bank by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 10,775,431 shares of the company’s stock valued at $1,065,367,000 after buying an additional 130,358 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of SouthState Bank by 1.9% during the third quarter. Dimensional Fund Advisors LP now owns 4,666,617 shares of the company’s stock worth $461,392,000 after acquiring an additional 84,812 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of SouthState Bank by 10.1% during the second quarter. American Century Companies Inc. now owns 1,948,379 shares of the company’s stock valued at $179,310,000 after acquiring an additional 178,842 shares during the period. Invesco Ltd. boosted its holdings in SouthState Bank by 35.6% in the third quarter. Invesco Ltd. now owns 1,591,034 shares of the company’s stock valued at $157,306,000 after acquiring an additional 418,031 shares during the last quarter. Finally, Laurel Wealth Advisors LLC boosted its holdings in SouthState Bank by 9,074.2% in the second quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company’s stock valued at $132,125,000 after acquiring an additional 1,420,019 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

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.