South State (SSB) Stock Forecast & Price Target

SouthState Bank is supported by strong organic loan growth, with end-of-period loans up 9.5% LQA versus 8.3% consensus and broad-based strength across C&I, CRE, and consumer real estate, while pipelines and producer hiring suggest durability into 2027. Its earnings power also looks resilient as NIM held at 3.78% and management raised the 4Q26E and FY27E NIM guide to 3.75%-3.85%, benefiting from an increasingly asset-sensitive balance sheet and future fixed-asset repricing. Asset quality remains stable, with net charge-offs at just 9bp, an ACL of 1.13%, and modest nonperforming trends, giving room for continued capital returns and supporting a constructive fundamental outlook.

SouthState Bank is facing a softer revenue mix as core fees fell to $93.9M, down 2.9% Q/Q and 5.2% Y/Y, with correspondent banking revenue sliding 30.0% Q/Q to $14.6M as higher rates and a weaker 5-year Treasury pressured activity. At the same time, core expenses rose to $374.8M, up 4.8% Q/Q and 6.6% Y/Y, driven by higher salaries, incentives, occupancy, and loan-related costs, while management said the revenue-producer initiative will cost about $21M-$22M in 2026 versus an initial ~$14M budget. This combination of muted fee generation, expense pressure, and risks tied to credit quality, loan pricing competition, and NIM compression supports a negative fundamental outlook.