Truist Financial Cuts SouthState Bank (NYSE:SSB) Price Target to $108.00

Key Points

• Truist Financial cut its price target for SouthState Bank from $110 to $108 while maintaining a "buy" rating, implying roughly a 14.01% upside from the current price.
• Analyst consensus remains bullish: MarketBeat shows a consensus "Buy" with an average price target of $118.86, and several firms recently set targets at $120 despite JPMorgan trimming its target to $110.
• Recent performance and ownership: SSB opened at $94.73 (market cap $9.29B) and reported quarterly EPS of $2.28 beating estimates, while institutional investors own about 89.8% of the stock with large stakes from Norges Bank, AQR and Jane Street.

SouthState Bank (NYSE:SSB - Get Free Report) had its price target cut by Truist Financial from $110.00 to $108.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's target price indicates a potential upside of 14.01% from the stock's current price.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. lowered their price target on SouthState Bank from $120.00 to $110.00 and set an "overweight" rating for the company in a report on Wednesday, April 1st. Citigroup raised their price target on SouthState Bank from $116.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, January 26th. TD Cowen raised their price target on SouthState Bank from $115.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, January 26th. Stephens raised their price target on SouthState Bank from $110.00 to $120.00 and gave the stock an "overweight" rating in a report on Monday, January 26th. Finally, Hovde Group raised SouthState Bank from a "market perform" rating to an "outperform" rating and set a $110.00 price target for the company in a report on Thursday, March 19th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $118.86.

SouthState Bank Stock Performance

Shares of SouthState Bank stock opened at $94.73 on Monday. The firm has a market cap of $9.29 billion, a P/E ratio of 10.22 and a beta of 0.75. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. SouthState Bank has a 12 month low of $84.47 and a 12 month high of $108.46. The stock's fifty day moving average price is $96.13 and its 200-day moving average price is $95.35.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, beating the consensus estimate 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 quarter last year, the firm posted $0.87 earnings per share. On average, equities research analysts expect that SouthState Bank will post 9.54 earnings per share for the current fiscal year.

Institutional Trading of SouthState Bank

Several hedge funds and other institutional investors have recently bought and sold shares of SSB. Norges Bank acquired a new stake in SouthState Bank during the fourth quarter worth about $125,940,000. AQR Capital Management LLC grew its holdings in SouthState Bank by 269.4% during the third quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company's stock worth $120,530,000 after acquiring an additional 889,042 shares during the period. Jane Street Group LLC grew its holdings in SouthState Bank by 810.7% during the second quarter. Jane Street Group LLC now owns 755,705 shares of the company's stock worth $69,548,000 after acquiring an additional 672,721 shares during the period. Deprince Race & Zollo Inc. grew its holdings 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 during the period. Finally, Schroder Investment Management Group acquired a new stake in SouthState Bank during the fourth quarter worth about $43,631,000. 89.76% of the stock is owned by institutional investors and hedge funds.

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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