Barclays Lowers SouthState Bank (NYSE:SSB) Price Target to $123.00

Key Points

• Barclays cut its price target on SouthState Bank from $126 to $123 but kept an "overweight" rating, with the new target implying roughly a 27.95% upside from the prior close.
• The analyst consensus remains a Buy with an average price target of $118.79, as brokers made mixed revisions (e.g., DA Davidson and Citigroup raised targets, Truist lowered its target, and Weiss upgraded to buy).
• Recent results show SSB beat quarterly EPS estimates ($2.28 vs. $2.21) while revenue missed slightly; the stock traded at $96.14 (+1.3%), with a market cap of $9.43B, P/E of 10.37, and about 89.8% institutional ownership.

SouthState Bank (NYSE:SSB - Get Free Report) had its target price dropped by equities researchers at Barclays from $126.00 to $123.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's target price indicates a potential upside of 27.95% from the company's previous close.

SSB has been the subject of several other reports. Truist Financial decreased their price objective on shares of SouthState Bank from $110.00 to $108.00 and set a "buy" rating for the company in a report on Monday. Citigroup lifted their price objective on shares of SouthState Bank from $116.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, January 26th. DA Davidson boosted their price target on shares of SouthState Bank from $119.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, February 5th. Weiss Ratings upgraded shares of SouthState Bank from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, January 26th. Finally, Hovde Group lifted their price objective on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an "outperform" rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $118.79.

SouthState Bank Stock Up 1.3%

SSB traded up $1.28 during trading hours on Monday, reaching $96.14. 420,552 shares of the stock traded hands, compared to its average volume of 875,896. The firm's fifty day simple moving average is $96.13 and its two-hundred day simple moving average is $95.35. The company has a market cap of $9.43 billion, a price-to-earnings ratio of 10.37 and a beta of 0.75. SouthState Bank has a fifty-two week low of $84.47 and a fifty-two week high of $108.46. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.92 and a quick ratio of 0.92.

SouthState Bank (NYSE:SSB - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, beating analysts' consensus estimates of $2.21 by $0.07. The business had revenue of $661.70 million during the quarter, compared to analyst estimates of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period last year, the business earned $0.87 EPS. As a group, analysts forecast that SouthState Bank will post 9.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Fort Washington Investment Advisors Inc. OH grew its position in SouthState Bank by 52.6% during the third 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 in the last quarter. CWM LLC grew its position in SouthState Bank by 689.1% during the third quarter. CWM LLC now owns 91,288 shares of the company's stock valued at $9,026,000 after purchasing an additional 79,719 shares in the last quarter. HBK Sorce Advisory LLC grew its position in SouthState Bank by 100.1% during the third quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company's stock valued at $3,192,000 after purchasing an additional 16,482 shares in the last quarter. Signaturefd LLC grew its position in SouthState Bank by 101.0% during the third quarter. Signaturefd LLC now owns 25,068 shares of the company's stock valued at $2,478,000 after purchasing an additional 12,597 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in SouthState Bank by 4.7% during the third quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company's stock valued at $37,675,000 after purchasing an additional 16,974 shares in the last quarter. 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.

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