UBS analyst Nicholas Holowko initiated coverage of South State (SSB) with a Buy rating and $132 price target. The company is approaching the completion of its acquisition of Independent Bank (IBTX), which will both expand its balance sheet to $65B in assets and improve its asset sensitivity “at an advantageous time,” the analyst tells investors in a research note. UBS says that with its attractive counter-cyclical correspondent banking and capital markets business and a large, fixed asset repricing opportunity, South State is well positioned for the rest of this rate cycle.
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