Truist Financial Lowers SouthState (NASDAQ:SSB) Price Target to $81.00

SouthState (NASDAQ:SSB) had its price objective lowered by analysts at Truist Financial from $84.00 to $81.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the bank’s stock. Truist Financial’s price target would indicate a potential upside of 5.61% from the company’s previous close.

A number of other research analysts also recently issued reports on the company. Piper Sandler boosted their price target on SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, May 29th. Raymond James raised shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target on the stock in a report on Tuesday, May 21st. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of SouthState from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, May 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $90.57.

SouthState Price Performance

Shares of SSB opened at $76.70 on Monday. The firm has a market capitalization of $5.84 billion, a PE ratio of 12.51 and a beta of 0.68. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.90 and a quick ratio of 0.89. The company’s fifty day moving average price is $76.42 and its 200-day moving average price is $79.94. SouthState has a 1-year low of $63.36 and a 1-year high of $87.77.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, beating the consensus estimate of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The business had revenue of $415.49 million during the quarter, compared to analysts’ expectations of $414.32 million. During the same period in the previous year, the business posted $1.93 EPS. The business’s quarterly revenue was down 8.2% compared to the same quarter last year. On average, equities research analysts predict that SouthState will post 6.33 EPS for the current year.

Institutional Investors Weigh In On SouthState

A number of large investors have recently modified their holdings of the business. Parallel Advisors LLC increased its position in SouthState by 544.0% during the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after purchasing an additional 272 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of SouthState during the 1st quarter valued at approximately $30,000. TFO Wealth Partners LLC lifted its holdings in SouthState by 13,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after acquiring an additional 402 shares during the last quarter. GAMMA Investing LLC grew its position in SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after acquiring an additional 333 shares during the period. Finally, International Assets Investment Management LLC increased its stake in SouthState by 8,346.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock worth $107,000 after acquiring an additional 1,252 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

About SouthState

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.