JPMorgan Chase & Co. Issues Pessimistic Forecast for SouthState Bank (NYSE:SSB) Stock Price

SouthState Bank (NYSE:SSB) had its target price dropped by equities researchers at JPMorgan Chase & Co. from $120.00 to $110.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 17.15% from the company’s previous close.

A number of other research firms have also recently commented on SSB. Citigroup upped their price target on SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Barclays boosted their price objective on SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a report on Monday, January 26th. Jefferies Financial Group increased their target price on SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Hovde Group upgraded SouthState Bank from a “market perform” rating to an “outperform” rating and set a $110.00 target price for the company in a report on Thursday, March 19th. Finally, DA Davidson lifted their target price on SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $118.71.

SouthState Bank Price Performance

Shares of SSB opened at $93.90 on Wednesday. The firm has a 50-day simple moving average of $98.16 and a two-hundred day simple moving average of $95.75. The stock has a market cap of $9.21 billion, a PE ratio of 11.95 and a beta of 0.75. SouthState Bank has a 1-year low of $77.74 and a 1-year high of $108.46. 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 EPS for the quarter, topping the consensus estimate of $2.30 by $0.17. The firm had revenue of $686.87 million for the quarter, compared to analyst estimates of $667.88 million. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. During the same period in the prior year, the business posted $1.93 EPS.

Hedge Funds Weigh In On SouthState Bank

Hedge funds and other institutional investors have recently made changes to their positions in the stock. World Investment Advisors increased its stake in shares of SouthState Bank by 4.6% during the fourth quarter. World Investment Advisors now owns 13,107 shares of the company’s stock worth $1,233,000 after buying an additional 576 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in SouthState Bank by 195,900.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,960 shares of the company’s stock worth $184,000 after acquiring an additional 1,959 shares during the last quarter. MidFirst Bank purchased a new position in SouthState Bank in the fourth quarter worth approximately $398,000. DGS Capital Management LLC acquired a new position in SouthState Bank during the 4th quarter worth approximately $493,000. Finally, Wealth Preservation Advisors LLC acquired a new position in SouthState Bank during the 4th quarter worth approximately $422,000. Hedge funds and other 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.