South State initiated with an Overweight at Barclays

Barclays initiated coverage of South State (SSB) with an Overweight rating and $120 price target The bank has a history of outperformance on capital growth and “group-leading” credit quality, the analyst tells investors in a research note. The firm expects South State’s past performance of successfully integrating banks into its model to be repeated with Independent Bank (IBTX) and that synergies should match or exceed expectations. Barclays expects South State to continue to warrant a premium multiple.