Fintel reports that on May 21, 2024, Raymond James upgraded their outlook for SouthState (NYSE:SSB) from Market Perform to Outperform.

Analyst Price Forecast Suggests 16.31% Upside

As of May 8, 2024, the average one-year price target for SouthState is 92.89. The forecasts range from a low of 81.81 to a high of $107.10. The average price target represents an increase of 16.31% from its latest reported closing price of 79.87.

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The projected annual revenue for SouthState is 1,910MM, an increase of 18.73%. The projected annual non-GAAP EPS is 8.44.

What is the Fund Sentiment?

There are 808 funds or institutions reporting positions in SouthState. This is an increase of 10 owner(s) or 1.25% in the last quarter. Average portfolio weight of all funds dedicated to SSB is -0.55%, an increase of 283.66%. Total shares owned by institutions decreased in the last three months by 1.70% to 83,024K shares. The put/call ratio of SSB is 2.79, indicating a bearish outlook.

What are Other Shareholders Doing?

T. Rowe Price Investment Management holds 4,000K shares representing 5.25% ownership of the company. In its prior filing, the firm reported owning 3,939K shares , representing an increase of 1.52%. The firm decreased its portfolio allocation in SSB by 3.80% over the last quarter.

Victory Capital Management holds 2,757K shares representing 3.62% ownership of the company. In its prior filing, the firm reported owning 2,790K shares , representing a decrease of 1.20%. The firm decreased its portfolio allocation in SSB by 21.52% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,382K shares representing 3.13% ownership of the company. In its prior filing, the firm reported owning 2,359K shares , representing an increase of 0.97%. The firm increased its portfolio allocation in SSB by 13.13% over the last quarter.

IJH - iShares Core S&P Mid-Cap ETF holds 2,307K shares representing 3.03% ownership of the company. In its prior filing, the firm reported owning 2,375K shares , representing a decrease of 2.95%. The firm increased its portfolio allocation in SSB by 12.54% over the last quarter.

IWM - iShares Russell 2000 ETF holds 2,054K shares representing 2.70% ownership of the company. In its prior filing, the firm reported owning 1,775K shares , representing an increase of 13.58%. The firm increased its portfolio allocation in SSB by 12.17% over the last quarter.

SouthState Background Information
(This description is provided by the company.)

SouthState Corporation is a financial services company headquartered in Winter Haven, Florida. South State Bank, N.A., the company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The bank also serves clients coast to coast through its correspondent banking division.