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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Read More on SSB:
- South State upgraded to Overweight from Equal Weight at Stephens
- South State downgraded to Market Perform from Outperform at Hovde Group
- SouthState Corporation’s Merger with Independent: Navigating Integration Risks and Financial Challenges
- South State price target raised to $105 from $101 at Stephens
- South State price target lowered to $103 from $111 at Truist
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