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SouthState Corporation
(NYSE:SSB)
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Rating:69Neutral
Price Target:
$113.00
â–²(6.48% Upside)
Action:Downgraded
Date:10/22/26
SSB scores 69 primarily due to solid financial health (strong profitability and a low-leverage balance sheet) and a constructive earnings outlook with supportive NIM/NII guidance and stable credit trends. The score is held back by weakening recent revenue, historical cash-flow volatility, and mixed technical momentum. Valuation is reasonable with a moderate dividend yield, adding incremental support.
Positive Factors
Broad-Based Balance-Sheet Growth
Broad-based loan and deposit growth indicates SouthState is expanding customer relationships across its footprint rather than relying on a single niche. Continued balance-sheet expansion can support recurring net interest income and deepen commercial banking relationships over the next several quarters.
Negative Factors
Revenue Contraction and Cash-Flow Volatility
The recent revenue decline makes SouthState’s earnings trajectory less consistent than its profitability alone suggests. Historical swings into negative operating and free cash flow also indicate that cash conversion can vary materially, reducing confidence in the durability of reported financial performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Broad-Based Balance-Sheet Growth
Broad-based loan and deposit growth indicates SouthState is expanding customer relationships across its footprint rather than relying on a single niche. Continued balance-sheet expansion can support recurring net interest income and deepen commercial banking relationships over the next several quarters.
Read all positive factors
SouthState Corporation Key Performance Indicators (KPIs)
Any
Commercial Loan Portfolio Breakdown
Breaks down the bank’s commercial loans by industry, size, geography, and credit grade to show where earnings and risks are concentrated. For SouthState, concentration in particular sectors or regions can magnify growth when those areas prosper or increase losses if they weaken; watch loan growth, average yield, concentration metrics, and non-performing loans to judge future interest income, reserve needs, and downside credit exposure.
Breaks down the bank’s commercial loans by industry, size, geography, and credit grade to show where earnings and risks are concentrated. For SouthState, concentration in particular sectors or regions can magnify growth when those areas prosper or increase losses if they weaken; watch loan growth, average yield, concentration metrics, and non-performing loans to judge future interest income, reserve needs, and downside credit exposure.
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The Fly
The FlySouthState Corporation (SSB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.21B
Dividend Yield2.33%
Average Volume (3M)734.01K
Price to Earnings (P/E)11.2
Beta (1Y)0.92
Revenue Growth17.60%
EPS Growth28.90%
CountryUS
Employees6,190
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)9.58
Shares Outstanding96,757,600
10 Day Avg. Volume826,012
30 Day Avg. Volume734,006
Financial Highlights & Ratios
PEG Ratio0.92
Price to Book (P/B)1.04
Price to Sales (P/S)2.51
P/FCF Ratio-17.37
Enterprise Value/Market Cap1.04
Enterprise Value/Revenue3.28
Enterprise Value/Gross Profit4.94
Enterprise Value/Ebitda11.05
Forecast
1Y Price Target
$120.11Price Target Upside13.18% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)9.47
Revenue Forecast (FY)$2.73B
SouthState Corporation Business Overview & Revenue Model
Company Description
SouthState Bank Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies in the United States. The company offers checking accoun...
How the Company Makes Money
SouthState primarily makes money through traditional banking revenue streams. The largest driver is typically net interest income: the bank earns interest and fees on loans and other interest-earning assets (such as commercial real estate and comm...
SouthState Corporation Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 28, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. South State reported broad-based loan and deposit growth, stable net interest margin, strong core earnings growth, stable-to-improving credit quality, successful banker hiring, and healthy capital levels. The main challenges were weaker capital-markets fee income, higher noninterest expense and deposit costs, a softer CRE pipeline, some spread compression, and payout ratios above the long-term target range. Management nevertheless maintained constructive growth, margin, credit, and 2027 outlooks.Positive Updates
Broad-Based Loan and Deposit Growth
Loans grew 9% annualized in the third quarter, with growth broad-based across the footprint and C&I loans up 12%. Deposits also grew 9% annualized.
Negative Updates
Capital Markets Income Decline
Noninterest income was $94 million, down $3 million from the second quarter due to a decline in capital-markets businesses. Correspondent income was $20.1 million versus the previously discussed $25 million guide.
Read all updates
Q3-2026 Updates
Positive
Negative
Broad-Based Loan and Deposit Growth
Loans grew 9% annualized in the third quarter, with growth broad-based across the footprint and C&I loans up 12%. Deposits also grew 9% annualized.
Read all positive updates
Company Guidance
Management expects fourth-quarter NIE to approximate or perhaps be slightly above Q3 levels, 2026 NIE growth of approximately 4% over 2025 levels, and 2027 NIE growth in the 3.5 to 4% range; 2026 loan-growth guidance was mid to high single digits, with fourth-quarter growth probably more like the mid single digits, full-year growth in the high single digit range, and 2027 guidance in the mid to high single digit range. NIM guidance was 3.75 to 3.80, while the updated range is between 3.75% and 3.85%, expected to stay in effect through 2027, with interest-earning-asset growth in the mid to upper single digit range, an average for 2027 around $6 billion, 2 total Fed rate hikes in the models, and a 50% total beta assumption. Correspondent income is expected to remain more in line with the third quarter for the next quarter or so before heading back toward $25 million, while fee income is guided to 55 to 60 basis points of assets and likely the lower end in the next quarter or 2; total revenue is expected to support 10% PPNR growth year over year. The longer-term total payout ratio guidance remains 40% to 60%, with 2027 likely at the lower end, CET1 in the 11% to 12% range, the loan-to-deposit ratio targeted around 90% and not much higher than 92% in any particular quarter, and fourth-quarter variation-margin expense expected to be in the $6.5 million to $7 million range, on a negative basis.SouthState Corporation Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
78
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.25B | 3.76B | 2.39B | 2.19B | 1.67B | 1.42B |
| Gross Profit | 2.16B | 2.57B | 1.65B | 1.59B | 1.53B | 1.53B |
| EBITDA | 965.25M | 1.20B | 756.95M | 689.68M | 697.95M | 667.42M |
| Net Income | 950.21M | 798.67M | 534.78M | 494.31M | 496.05M | 475.54M |
Balance Sheet | ||||||
| Total Assets | 68.91B | 67.20B | 46.38B | 44.90B | 43.92B | 41.84B |
| Cash, Cash Equivalents and Short-Term Investments | 7.25B | 6.90B | 898.68M | 5.55B | 6.06B | 5.90B |
| Total Debt | 1.57B | 1.31B | 896.14M | 970.78M | 938.38M | 1.10B |
| Total Liabilities | 59.78B | 58.14B | 40.49B | 39.37B | 38.84B | 37.04B |
| Stockholders Equity | 9.13B | 9.06B | 5.89B | 5.53B | 5.07B | 4.80B |
Cash Flow | ||||||
| Free Cash Flow | 783.74M | -542.00M | 476.15M | 507.87M | 1.71B | 387.27M |
| Operating Cash Flow | 797.31M | -471.75M | 511.96M | 546.76M | 1.73B | 415.69M |
| Investing Cash Flow | -3.68B | 792.19M | -886.18M | -1.43B | -4.86B | -2.32B |
| Financing Cash Flow | 1.77B | 1.46B | 767.41M | 566.00M | -2.28B | 4.02B |
SouthState Corporation Technical Analysis
Positive
106.12
Price Trends
103.96
Positive
102.56
Positive
99.29
Positive
Market Momentum
0.13
Negative
62.28
Neutral
88.20
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SSB, the sentiment is Positive. The current price of 106.12 is above the 20-day moving average (MA) of 101.31, above the 50-day MA of 103.96, and above the 200-day MA of 99.29, indicating a bullish trend. The MACD of 0.13 indicates Negative momentum. The RSI at 62.28 is Neutral, neither overbought nor oversold. The STOCH value of 88.20 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SSB.
SouthState Corporation Risk Analysis
SouthState Corporation disclosed 67 risk factors in its most recent earnings report. SouthState Corporation reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SouthState Corporation Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $15.16B | 11.96 | 8.04% | 1.73% | 99.54% | -4.92% | |
72 Outperform | $4.46B | 31.08 | 4.03% | 2.73% | -18.50% | -52.84% | |
70 Outperform | $5.55B | 14.42 | 9.44% | 0.97% | 3.39% | -1.12% | |
69 Neutral | $10.21B | 11.17 | 10.23% | 2.33% | 17.60% | 28.90% | |
69 Neutral | $6.42B | 10.69 | 8.93% | 2.75% | 2.48% | 21.10% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $11.11B | 16.62 | 7.91% | 2.82% | -7.92% | -15.84% |
* Financial Sector Average
SSB
SouthState Corporation
105.51
17.30
19.61%
ABCB
Ameris Bancorp
82.63
8.96
12.16%
FNB
F.N.B.
18.18
2.92
19.13%
FHN
First Horizon
23.44
3.02
14.81%
PNFP
Pinnacle Financial Partners
100.35
14.91
17.46%
UCB
United Community Banks
36.99
7.83
26.85%
SouthState Corporation Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
SouthState Corporation Reports Strong Third-Quarter Financial Results
Positive
Oct 21, 2026
On October 21, 2026, SouthState Bank Corporation reported unaudited financial results for the third quarter ended September 30, 2026, highlighting strong balance sheet expansion and a stable net interest margin. Loans and deposits each grew at a 9...
Business Operations and StrategyFinancial Disclosures
SouthState to Announce Third Quarter 2026 Earnings
Neutral
Oct 2, 2026
On October 2, 2026, SouthState Bank Corporation announced plans to release its third quarter 2026 earnings results after the market close on Wednesday, October 21, 2026. The disclosure will be made available to investors via the company’s we...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
SouthState Corporation Reports Strong Q2 Results, Dividend Increase
Positive
Jul 23, 2026
SouthState Bank Corporation reported unaudited results for the second quarter and first half of 2026 on July 23, 2026, highlighting net income of $230 million, diluted EPS of $2.35, stable net interest margin of 3.78% and improved efficiency, whil...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.