Barclays Cuts SouthState Bank (NYSE:SSB) Price Target to $122.00

SouthState Bank (NYSE:SSB) had its price objective reduced by Barclays from $125.00 to $122.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective points to a potential upside of 25.48% from the stock’s current price.

Other analysts also recently issued reports about the company. Piper Sandler cut their price objective on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Cowen started coverage on shares of SouthState Bank in a research report on Wednesday, September 24th. They set a “buy” rating for the company. JPMorgan Chase & Co. began coverage on shares of SouthState Bank in a report on Friday, December 12th. They issued an “overweight” rating and a $115.00 price objective on the stock. TD Cowen lowered their price objective on shares of SouthState Bank from $127.00 to $120.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Finally, Citigroup cut their target price on SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank currently has an average rating of “Moderate Buy” and an average price target of $115.07.

SouthState Bank Stock Performance

Shares of NYSE SSB traded down $0.10 during mid-day trading on Friday, reaching $97.23. The company’s stock had a trading volume of 358,091 shares, compared to its average volume of 880,885. The firm has a market cap of $9.77 billion, a PE ratio of 13.37 and a beta of 0.76. The business has a 50-day simple moving average of $91.11. SouthState Bank has a 1-year low of $77.74 and a 1-year high of $109.64. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB) last released its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.38. The firm had revenue of $698.78 million during the quarter, compared to analysts’ expectations of $660.41 million. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. During the same period last year, the business earned $1.90 earnings per share.

Institutional Investors Weigh In On SouthState Bank

Several institutional investors have recently modified their holdings of SSB. Blue Trust Inc. raised its holdings in shares of SouthState Bank by 12.4% in the second quarter. Blue Trust Inc. now owns 991 shares of the company’s stock valued at $91,000 after buying an additional 109 shares during the last quarter. Sheets Smith Wealth Management increased its holdings in SouthState Bank by 1.7% in the third quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company’s stock valued at $638,000 after buying an additional 111 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in SouthState Bank by 4.9% during the third quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock worth $245,000 after purchasing an additional 115 shares during the last quarter. Nicholson Wealth Management Group LLC boosted its position in shares of SouthState Bank by 1.8% in the 2nd quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock worth $663,000 after buying an additional 125 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in shares of SouthState Bank by 14.0% in the second quarter. Fifth Third Bancorp now owns 1,090 shares of the company’s stock valued at $100,000 after purchasing an additional 134 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.