Anthony Elian, an analyst from J.P. Morgan, has initiated a new Buy rating on SouthState Corporation (SSB).
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Anthony Elian has given his Buy rating due to a combination of factors that highlight SouthState Corporation’s strategic positioning and growth potential. The bank’s ability to capitalize on industry consolidation is significant, as it has identified $118 billion in deposits involved in mergers within its operational footprint, which is more than double its current deposit base. This positions SouthState to capture market share and attract top talent, particularly in high-growth areas like Texas, Florida, and Atlanta, where loan pipelines are expanding rapidly.
SouthState’s decentralized regional president model is another key factor in Elian’s rating. This structure allows local leaders to manage their own profit and loss, fostering an environment that attracts experienced bankers and enhances client relationships. Additionally, SouthState’s credit quality is exceptional, with a low net charge-off ratio, and its shares trade at a premium justified by superior profitability metrics. The bank’s return on tangible equity is forecasted to be significantly higher than the peer median, supporting the valuation and the $115 price target, which implies a 23% upside.
In another report released on December 9, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $106.00 price target.