Truist Financial Issues Positive Forecast for SouthState Bank (NYSE:SSB) Stock Price

Key Points

• Truist Financial raised SouthState Bank’s price target from $108 to $118 and maintained a “buy” rating, implying 11.47% potential upside from the stock’s current price.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $118.43, despite UBS downgrading the stock to “neutral” and Wall Street Zen assigning a “sell” rating.
• SouthState Bank exceeded quarterly EPS expectations, reporting $2.35 per share versus the $2.31 consensus estimate, while institutional investors own approximately 89.76% of the company’s stock.

SouthState Bank (NYSE:SSB - Get Free Report) had its price target hoisted by equities researchers at Truist Financial from $108.00 to $118.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's target price would indicate a potential upside of 11.47% from the stock's current price.

Several other equities analysts have also weighed in on the stock. TD Cowen cut their price objective on shares of SouthState Bank from $117.00 to $114.00 and set a "buy" rating on the stock in a research report on Monday, April 27th. JPMorgan Chase & Co. boosted their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. Fundamental Research set a $120.00 price target on shares of SouthState Bank in a research note on Wednesday, July 1st. UBS Group downgraded shares of SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 price target on the stock. in a report on Tuesday, July 7th. Finally, Wall Street Zen lowered shares of SouthState Bank from a "hold" rating to a "sell" rating in a research note on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $118.43.

SouthState Bank Price Performance

SSB stock opened at $105.86 on Tuesday. The firm has a 50-day moving average of $98.22 and a two-hundred day moving average of $97.83. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.11. SouthState Bank has a one year low of $84.47 and a one year high of $108.46. The firm has a market capitalization of $10.34 billion, a PE ratio of 11.10 and a beta of 0.70.

SouthState Bank (NYSE:SSB - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. The firm had revenue of $672.67 million for the quarter, compared to analyst estimates of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same quarter in the prior year, the business earned $2.30 EPS. On average, analysts forecast that SouthState Bank will post 9.51 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in SouthState Bank by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company's stock valued at $1,029,315,000 after acquiring an additional 161,928 shares during the period. Dimensional Fund Advisors LP boosted its stake in SouthState Bank by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,934,851 shares of the company's stock valued at $456,554,000 after purchasing an additional 205,355 shares during the period. Geode Capital Management LLC grew its holdings in SouthState Bank by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company's stock valued at $175,653,000 after buying an additional 85,981 shares during the last quarter. Invesco Ltd. increased its position in SouthState Bank by 3.6% in the 4th quarter. Invesco Ltd. now owns 1,647,727 shares of the company's stock worth $155,068,000 after buying an additional 56,693 shares during the period. Finally, Franklin Resources Inc. grew its position in SouthState Bank by 1.0% in the 4th quarter. Franklin Resources Inc. now owns 1,623,728 shares of the company's stock worth $152,809,000 after purchasing an additional 15,787 shares during the last quarter. 89.76% of the stock is currently 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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