Hovde Group Forecasts Strong Price Appreciation for SouthState Bank (NYSE:SSB) Stock

Key Points

• Hovde Group raised its price target on SouthState Bank to $112 and keeps an "outperform" rating, implying about a 17.03% upside from the stock's prior close.
• Multiple brokerages have lifted targets recently—driving a consensus "Buy" rating and an average analyst target of about $119, well above the current share price (~$95.70).
• Fundamentals show a recent quarterly EPS beat ($2.28 vs. $2.21), a PE of 10.34, and heavy institutional ownership (~89.8%), supporting the bullish analyst outlook.

SouthState Bank (NYSE:SSB - Get Free Report) had its price target upped by equities researchers at Hovde Group from $110.00 to $112.00 in a note issued to investors on Monday, MarketBeat Ratings reports. The brokerage presently has an "outperform" rating on the stock. Hovde Group's target price would suggest a potential upside of 17.03% from the stock's previous close.

SSB has been the subject of several other reports. Raymond James Financial raised their target price on SouthState Bank from $110.00 to $115.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, January 7th. Weiss Ratings raised SouthState Bank from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, January 26th. Jefferies Financial Group raised their target price on SouthState Bank from $120.00 to $125.00 and gave the stock a "buy" rating in a research report on Monday, February 2nd. Citigroup raised their target price on SouthState Bank from $116.00 to $120.00 and gave the stock a "buy" rating in a research report on Monday, January 26th. Finally, TD Cowen raised their target price on SouthState Bank from $115.00 to $120.00 and gave the stock a "buy" rating in a research report on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $119.00.

SouthState Bank Stock Performance

Shares of SSB traded up $0.84 during mid-day trading on Monday, hitting $95.70. The company's stock had a trading volume of 134,456 shares, compared to its average volume of 872,379. SouthState Bank has a one year low of $84.47 and a one year high of $108.46. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market capitalization of $9.39 billion, a PE ratio of 10.34 and a beta of 0.75. The stock's 50-day moving average is $96.13 and its two-hundred day moving average is $95.35.

SouthState Bank (NYSE:SSB - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, beating 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 analysts' expectations of $669.29 million. During the same period in the prior year, the business earned $0.87 earnings per share. As a group, sell-side analysts anticipate that SouthState Bank will post 9.54 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Elevation Point Wealth Partners LLC raised its stake in SouthState Bank by 2.9% during the first quarter. Elevation Point Wealth Partners LLC now owns 22,650 shares of the company's stock worth $2,096,000 after acquiring an additional 631 shares in the last quarter. Platform Technology Partners acquired a new position in SouthState Bank during the first quarter worth $336,000. Strs Ohio raised its stake in SouthState Bank by 124.7% during the first quarter. Strs Ohio now owns 168,902 shares of the company's stock worth $15,627,000 after acquiring an additional 93,744 shares in the last quarter. Root Financial Partners LLC raised its stake in SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company's stock worth $39,000 after acquiring an additional 210 shares in the last quarter. Finally, Deprince Race & Zollo Inc. raised its stake in SouthState Bank by 346.0% during the first quarter. Deprince Race & Zollo Inc. now owns 728,548 shares of the company's stock worth $67,405,000 after acquiring an additional 565,196 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.

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