DA Davidson Raises SouthState Bank (NYSE:SSB) Price Target to $125.00

SouthState Bank (NYSE:SSB) had its price objective raised by equities research analysts at DA Davidson from $119.00 to $125.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. DA Davidson’s target price suggests a potential upside of 15.82% from the company’s current price.

SSB has been the topic of several other reports. Citigroup raised their price objective on SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Jefferies Financial Group increased their price target on SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. Stephens lifted their price objective on SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a 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, Raymond James Financial raised their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research report on Wednesday, January 7th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $118.71.

SouthState Bank Price Performance

Shares of SSB opened at $107.93 on Thursday. The company has a market cap of $10.85 billion, a price-to-earnings ratio of 13.73 and a beta of 0.74. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. SouthState Bank has a 1-year low of $77.74 and a 1-year high of $108.46. The firm’s 50-day moving average is $97.40.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.17. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. The business had revenue of $686.87 million for the quarter, compared to analyst estimates of $667.88 million. During the same period last year, the company posted $1.93 earnings per share.

Institutional Trading of SouthState Bank

Hedge funds have recently modified their holdings of the company. Fort Washington Investment Advisors Inc. OH grew its stake in SouthState Bank by 52.6% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock valued at $24,723,000 after purchasing an additional 86,234 shares during the last quarter. CWM LLC raised its stake in shares of SouthState Bank by 689.1% in the third quarter. CWM LLC now owns 91,288 shares of the company’s stock worth $9,026,000 after purchasing an additional 79,719 shares during the last quarter. HBK Sorce Advisory LLC lifted its holdings in shares of SouthState Bank by 100.1% during the third quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company’s stock worth $3,192,000 after purchasing an additional 16,482 shares during the period. Signaturefd LLC boosted its position in 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 buying an additional 12,597 shares during the last quarter. Finally, Merit Financial Group LLC purchased a new stake in SouthState Bank in 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.