SouthState Bank (NYSE:SSB) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan raised its price target on SouthState Bank from $110 to $115 and kept an overweight rating, implying about 22% upside from the current share price.
• Analyst sentiment remains broadly positive: SouthState has a consensus Buy rating, with an average price target of $118.62 after several firms recently adjusted their targets and ratings.
• The bank posted solid quarterly results, beating EPS estimates with $2.28 per share, while the stock traded lower on the day at $93.94 amid lighter-than-average volume.

SouthState Bank (NYSE:SSB - Get Free Report) had its price target lifted by equities researchers at JPMorgan Chase & Co. from $110.00 to $115.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 22.42% from the company's current price.

A number of other equities research analysts have also weighed in on SSB. Jefferies Financial Group lifted their price objective on SouthState Bank from $120.00 to $125.00 and gave the stock a "buy" rating in a research report on Monday, February 2nd. TD Cowen dropped their price target on SouthState Bank from $117.00 to $114.00 and set a "buy" rating on the stock in a research report on Monday, April 27th. Barclays dropped their price target on SouthState Bank from $126.00 to $123.00 and set an "overweight" rating on the stock in a research report on Monday, April 27th. Hovde Group lifted their price target on SouthState Bank from $110.00 to $112.00 and gave the company an "outperform" rating in a research report on Monday, April 27th. Finally, Citigroup lifted their price target on SouthState Bank from $116.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, SouthState Bank currently has a consensus rating of "Buy" and an average price target of $118.62.

SouthState Bank Trading Down 0.7%

Shares of SSB stock traded down $0.62 during trading hours on Thursday, reaching $93.94. The company's stock had a trading volume of 384,954 shares, compared to its average volume of 859,982. The stock has a market capitalization of $9.17 billion, a P/E ratio of 10.12 and a beta of 0.72. SouthState Bank has a one year low of $84.47 and a one year high of $108.46. The firm's fifty day simple moving average is $94.43 and its 200 day simple moving average is $95.61. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, topping analysts' consensus estimates of $2.21 by $0.07. The firm had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same period last year, the company earned $0.87 EPS. Equities research analysts expect that SouthState Bank will post 9.46 EPS for the current year.

Insider Buying and Selling at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the business's stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the transaction, the director owned 12,700 shares in the company, valued at $1,249,553. The trade was a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Bank of America Corp DE raised its stake in shares of SouthState Bank by 9.6% in the first quarter. Bank of America Corp DE now owns 787,307 shares of the company's stock worth $72,842,000 after purchasing an additional 68,776 shares during the last quarter. Amundi raised its stake in shares of SouthState Bank by 67.2% in the first quarter. Amundi now owns 8,163 shares of the company's stock worth $755,000 after purchasing an additional 3,280 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of SouthState Bank by 24.6% in the first quarter. California State Teachers Retirement System now owns 119,039 shares of the company's stock worth $11,013,000 after purchasing an additional 23,477 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of SouthState Bank by 4.3% in the first quarter. The Manufacturers Life Insurance Company now owns 850,763 shares of the company's stock worth $78,713,000 after purchasing an additional 34,929 shares during the last quarter. Finally, Maverick Capital Ltd. purchased a new position in shares of SouthState Bank in the first quarter worth $1,249,000. 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.

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