Last Updated: 16 Sep 2024
Executive Summary
SouthState Corporation (SSB) is a financial holding company with a market capitalization of $7.24 billion. The company offers a range of banking products and services to individuals and businesses in the southeastern United States. SSB is currently trading at $94.91, below its 52-week high of $100.71. The stock has a trailing price-to-earnings (P/E) ratio of 15.21 and a forward P/E ratio of 12.44. Analysts have a consensus rating of "Buy" on the stock, with a target price of $106.28.
Company Overview
SouthState Corporation was founded in 1933 and is headquartered in Winter Haven, Florida. The company operates over 300 branches in Florida, Georgia, Alabama, South Carolina, and North Carolina. SSB offers a full range of banking products and services, including checking and savings accounts, loans, mortgages, and investment services.
Fundamental Analysis
SSB has a strong financial profile. The company has a Tier 1 capital ratio of 10.7%, which is well above the regulatory minimum. SSB also has a low non-performing loan ratio of 0.29%. The company's earnings have been growing steadily in recent years. In 2023, SSB reported net income of $505.3 million, up 12% from the previous year.
Technical Analysis
SSB's stock price has been trending higher in recent months. The stock broke out above its 200-day moving average in June 2023 and has continued to make higher highs and higher lows since then. The stock's relative strength index (RSI) is currently at 65, which indicates that the stock is overbought. However, the RSI is still below 70, which suggests that the stock is not yet in overbought territory.
Short Term Outlook
SSB's stock price is likely to continue to trend higher in the short term. The stock is trading above its key moving averages and the RSI is still below 70. However, investors should be aware that the stock is overbought and could be due for a pullback.
Long Term Outlook
SSB is a well-managed company with a strong financial profile. The company is well-positioned to benefit from the continued growth of the southeastern United States. SSB's stock is a good long-term investment for investors who are looking for a company with a solid track record of growth and profitability.
Analyst Recommendations
Analysts have a consensus rating of "Buy" on SSB's stock. The average target price for the stock is $106.28, which represents a potential upside of 12% from the current price.
