SouthState Bank (NYSE:SSB) Price Target Cut to $114.00 by Analysts at TD Cowen

Key Points

• TD Cowen cut its price target on SouthState Bank from $117 to $114 but maintained a "buy" rating, with the $114 target implying about a 16.33% upside from the current share price.
• Consensus remains positive: MarketBeat shows an average analyst rating of "Buy" and an average price target of $118.36, even as individual firms moved targets in both directions (e.g., Jefferies to $125, Stephens to $120, JPMorgan to $110).
• SouthState beat Q1 EPS estimates ($2.28 vs. $2.21) and the stock rose about 3.3% to $98, while institutional ownership is very high (~89.8%) with large recent buys from Norges Bank, AQR and others.

SouthState Bank (NYSE:SSB - Get Free Report) had its price target cut by analysts at TD Cowen from $117.00 to $114.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. TD Cowen's target price indicates a potential upside of 16.33% from the company's current price.

Several other analysts also recently issued reports on the stock. Stephens lifted their price target on shares of SouthState Bank from $110.00 to $120.00 and gave the company an "overweight" rating in a research report on Monday, January 26th. JPMorgan Chase & Co. cut their price objective on shares of SouthState Bank from $120.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday, April 1st. Truist Financial cut their price objective on shares of SouthState Bank from $110.00 to $108.00 and set a "buy" rating on the stock in a report on Monday. 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 report on Monday. Finally, Jefferies Financial Group lifted their price objective on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a "buy" rating in a report on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, SouthState Bank has an average rating of "Buy" and an average price target of $118.36.

SouthState Bank Stock Up 3.3%

NYSE SSB traded up $3.14 during mid-day trading on Monday, hitting $98.00. The company's stock had a trading volume of 611,702 shares, compared to its average volume of 878,278. The company's 50 day simple moving average is $96.13 and its 200 day simple moving average is $95.35. SouthState Bank has a twelve month low of $84.47 and a twelve month high of $108.46. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $9.61 billion, a price-to-earnings ratio of 10.57 and a beta of 0.75.

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

Hedge Funds Weigh In On SouthState Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in SSB. Norges Bank purchased a new position in shares of SouthState Bank in the 4th quarter worth about $125,940,000. AQR Capital Management LLC boosted its holdings in shares of SouthState Bank by 269.4% in the 3rd quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company's stock worth $120,530,000 after buying an additional 889,042 shares during the last quarter. Jane Street Group LLC boosted its holdings in shares of SouthState Bank by 810.7% in the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company's stock worth $69,548,000 after buying an additional 672,721 shares during the last quarter. Deprince Race & Zollo Inc. boosted its holdings in shares of SouthState Bank by 346.0% in the 1st quarter. Deprince Race & Zollo Inc. now owns 728,548 shares of the company's stock worth $67,405,000 after buying an additional 565,196 shares during the last quarter. Finally, Schroder Investment Management Group purchased a new position in shares of SouthState Bank in the 4th quarter worth about $43,631,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

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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