Keefe, Bruyette & Woods Boosts SouthState (NASDAQ:SSB) Price Target to $110.00

SouthState (NASDAQ:SSB) had its price objective raised by equities researchers at Keefe, Bruyette & Woods from $95.00 to $110.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 11.34% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Piper Sandler upped their price objective on SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. DA Davidson upped their price objective on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday. Hovde Group upped their price objective on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday. Raymond James upgraded SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price objective on the stock in a research note on Tuesday, May 21st. Finally, Truist Financial decreased their price target on SouthState from $84.00 to $81.00 and set a “hold” rating on the stock in a research report on Monday, July 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, SouthState currently has an average rating of “Hold” and a consensus target price of $99.25.

SouthState Stock Performance

Shares of NASDAQ SSB traded down $1.38 during trading hours on Monday, hitting $98.80. 133,247 shares of the company’s stock were exchanged, compared to its average volume of 478,021. The company’s 50-day moving average price is $78.87 and its 200-day moving average price is $80.43. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.91 and a quick ratio of 0.90. The stock has a market capitalization of $7.53 billion, a price-to-earnings ratio of 16.12 and a beta of 0.68. SouthState has a 1-year low of $63.36 and a 1-year high of $101.19.

SouthState (NASDAQ:SSB) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, beating the consensus estimate of $1.54 by $0.25. The firm had revenue of $425.48 million during the quarter, compared to analysts’ expectations of $418.08 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.63 EPS. On average, sell-side analysts expect that SouthState will post 6.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC lifted its stake in shares of SouthState by 544.0% in the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after purchasing an additional 272 shares during the period. Fidelis Capital Partners LLC acquired a new position in shares of SouthState in the 1st quarter valued at $30,000. TFO Wealth Partners LLC lifted its stake in shares of SouthState by 13,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after purchasing an additional 402 shares during the period. GAMMA Investing LLC lifted its stake in shares of SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after purchasing an additional 333 shares during the period. Finally, International Assets Investment Management LLC raised its stake in SouthState by 8,346.7% during the 4th quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock worth $107,000 after buying an additional 1,252 shares during the period. 89.76% of the stock is currently owned by institutional investors.

SouthState Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.