TD Cowen Cuts SouthState Bank (NYSE:SSB) Price Target to $115.00

by · The Cerbat Gem

SouthState Bank (NYSE:SSB – Get Free Report) had its price objective cut by investment analysts at TD Cowen from $120.00 to $115.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price objective would indicate a potential upside of 19.77% from the stock’s previous close.

Several other brokerages also recently commented on SSB. JPMorgan Chase & Co. assumed coverage on SouthState Bank in a report on Friday, December 12th. They set an “overweight” rating and a $115.00 price target on the stock. Piper Sandler lowered their target price on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Citigroup cut their target price on shares of SouthState Bank from $117.00 to $116.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Stephens decreased their price target on shares of SouthState Bank from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Monday, October 27th. Finally, Barclays decreased their target price on SouthState Bank from $125.00 to $122.00 and set an “overweight” rating for the company in a research note on Friday, December 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, SouthState Bank presently has an average rating of “Moderate Buy” and a consensus target price of $115.07.

Get Our Latest Analysis on SSB

SouthState Bank Trading Down 1.1%

NYSE SSB traded down $1.11 during trading on Wednesday, hitting $96.02. 169,820 shares of the company traded hands, compared to its average volume of 551,703. SouthState Bank has a 12 month low of $77.74 and a 12 month high of $109.64. The business’s fifty day simple moving average is $91.72. The company has a market cap of $9.65 billion, a P/E ratio of 13.21 and a beta of 0.74. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.93.

SouthState Bank (NYSE:SSB – Get Free Report) last released its quarterly earnings results 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. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.The company had revenue of $698.78 million during the quarter, compared to the consensus estimate of $660.41 million. During the same quarter in the prior year, the company posted $1.90 EPS.

Hedge Funds Weigh In On SouthState Bank

Large investors have recently added to or reduced their stakes in the company. Corsicana & Co. acquired a new stake in shares of SouthState Bank during the 4th quarter worth approximately $113,000. Central Pacific Bank Trust Division acquired a new stake in SouthState Bank during the fourth quarter worth $142,000. JPMorgan Chase & Co. increased its holdings in SouthState Bank by 4.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company’s stock valued at $37,675,000 after buying an additional 16,974 shares during the period. Allworth Financial LP increased its holdings in SouthState Bank by 44.8% in the 3rd quarter. Allworth Financial LP now owns 1,917 shares of the company’s stock valued at $190,000 after buying an additional 593 shares during the period. Finally, IFP Advisors Inc raised its stake in shares of SouthState Bank by 81.1% in the 3rd quarter. IFP Advisors Inc now owns 1,748 shares of the company’s stock valued at $173,000 after buying an additional 783 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Bank Company Profile

(Get Free Report)

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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