Hovde Group Increases SouthState (NASDAQ:SSB) Price Target to $105.00

Key Points

• Hovde Group has raised the price target for SouthState (NASDAQ:SSB) from $97.00 to $105.00, reflecting a potential upside of 7.10% from its current price, while maintaining a "market perform" rating.
• Other analysts have mixed views with Keefe, Bruyette & Woods setting a new price target of $120.00 and Barclays increasing theirs to $117.00, contributing to a consensus target price of $115.82.
• SouthState reported earnings of $2.30 per share for the last quarter, exceeding estimates by $0.32, and anticipates an annual EPS of $8.12.

SouthState (NASDAQ:SSB - Get Free Report) had its price target boosted by equities research analysts at Hovde Group from $97.00 to $105.00 in a note issued to investors on Friday, Marketbeat reports. The brokerage currently has a "market perform" rating on the bank's stock. Hovde Group's price target suggests a potential upside of 7.10% from the company's current price.

A number of other analysts also recently weighed in on SSB. Keefe, Bruyette & Woods reduced their target price on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Stephens reaffirmed an "overweight" rating and set a $119.00 price objective on shares of SouthState in a report on Monday, April 28th. DA Davidson dropped their price target on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. Barclays lifted their price target on shares of SouthState from $115.00 to $117.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, Raymond James Financial set a $110.00 price target on shares of SouthState in a research report on Monday, April 28th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $115.82.

SouthState Stock Performance

Shares of SouthState stock opened at $98.04 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The business has a 50-day moving average price of $91.60 and a two-hundred day moving average price of $93.34. The company has a market cap of $9.95 billion, a P/E ratio of 14.09 and a beta of 0.77. SouthState has a 1-year low of $77.74 and a 1-year high of $114.26.

SouthState (NASDAQ:SSB - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The bank reported $2.30 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.32. SouthState had a net margin of 22.38% and a return on equity of 9.62%. During the same period in the previous year, the company earned $1.74 EPS. As a group, analysts anticipate that SouthState will post 8.12 EPS for the current year.

Hedge Funds Weigh In On SouthState

Several institutional investors have recently modified their holdings of the business. Quadrant Capital Group LLC lifted its holdings in shares of SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after purchasing an additional 99 shares during the last quarter. Blue Trust Inc. raised its position in SouthState by 12.4% in the 2nd quarter. Blue Trust Inc. now owns 991 shares of the bank's stock worth $91,000 after purchasing an additional 109 shares during the period. Commonwealth Equity Services LLC increased its holdings in SouthState by 1.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock valued at $949,000 after buying an additional 112 shares during the period. Bragg Financial Advisors Inc boosted its position in shares of SouthState by 4.3% in the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank's stock worth $276,000 after purchasing an additional 115 shares in the last quarter. Finally, IFP Advisors Inc lifted its stake in shares of SouthState by 14.2% during the first quarter. IFP Advisors Inc now owns 943 shares of the bank's stock worth $87,000 after buying an additional 117 shares during the period. 89.76% of the stock is owned by institutional investors.

SouthState Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.

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