South State price target lowered to $115 from $125 at DA Davidson

DA Davidson analyst Gary Tenner lowered the firm’s price target on South State (SSB) to $115 from $125 but keeps a Buy rating on the shares. The bank’s first quarter following the Independent Bank (IBTX) acquisition reflected a stronger than expected net interest margin, NIM, which management expects to be relatively stable, with an upward drifting core NIM, strong loan production, and lower than expected non-interest expense, the analyst tells investors in a research note.