South State Corporation (SSB) stock has achieved a remarkable milestone, soaring to an all-time high of $105.72. This significant price level reflects a period of robust performance for the bank holding company, which has seen its stock value appreciate impressively over the past year. In the context of the broader financial sector, First Financial (NYSE:SSB) has reported a substantial 1-year change, with an increase of 48.87% in its stock price. This surge underscores investor confidence and the company's strong financial health amidst a dynamic economic landscape.
In other recent news, South State Corporation has exhibited solid financial performance, as reflected in recent earnings reports. The company reported operating earnings per share (EPS) of $1.90, exceeding the consensus estimate of $1.65. Additionally, the core pre-provision net revenue (PPNR) of $183.4 million surpassed the forecast of $181.4 million.
Analysts at Stephens upgraded South State's stock target to $105.00, maintaining an Equal Weight rating, following these positive earnings results. Meanwhile, Truist Securities adjusted its price target for South State to $103, while revising its Core EPS estimates for 2024, 2025, and 2026 upwards, citing increased fees, decreased provisioning for credit losses, and reduced expenses.
Piper Sandler also showed confidence in South State, raising its price target to $112, based on effective expense management and potential for further loan loss reserve releases. These recent developments reflect South State's strategic growth approach amidst economic challenges.
Another significant development is the ongoing merger with Independent (LON:IOG) Financial, expected to complete by summer 2025, which is anticipated to improve South State's balance sheet's liability sensitivity. The company's recent performance and strategic moves demonstrate its resilience in the face of market challenges.
InvestingPro Insights
South State Corporation's (SSB) recent stock performance aligns with several key metrics and insights from InvestingPro. The company's stock is currently trading near its 52-week high, with a price that is 94.13% of its peak, corroborating the article's mention of the all-time high. This upward trajectory is further supported by the impressive 1-year price total return of 40.25%, closely matching the 48.87% increase mentioned in the article.
InvestingPro data reveals that SSB has a market capitalization of $8.2 billion and a P/E ratio of 14.88, suggesting a relatively attractive valuation compared to some peers in the financial sector. The company's revenue growth of 9.58% in the most recent quarter indicates continued business expansion, which may be contributing to investor optimism.
An InvestingPro Tip highlights that SSB has raised its dividend for 13 consecutive years, demonstrating a commitment to shareholder returns that likely appeals to income-focused investors. Additionally, the company's profitability over the last twelve months, as noted by another InvestingPro Tip, underscores its financial stability.
For readers interested in a more comprehensive analysis, InvestingPro offers 7 additional tips that could provide further insights into SSB's financial health and future prospects.
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