FY2024 Earnings Forecast for SouthState Co. (NASDAQ:SSB) Issued By DA Davidson

SouthState Co. (NASDAQ:SSB) – Investment analysts at DA Davidson decreased their FY2024 EPS estimates for SouthState in a report issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now expects that the bank will earn $6.49 per share for the year, down from their prior forecast of $7.19. DA Davidson has a “Buy” rating and a $102.00 price objective on the stock. The consensus estimate for SouthState’s current full-year earnings is $6.63 per share.

Several other research firms have also issued reports on SSB. Raymond James lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Friday, January 5th. UBS Group raised their price target on shares of SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, January 29th. Finally, Truist Financial lowered their price target on shares of SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $87.80.

SouthState Stock Up 2.0 %

Shares of NASDAQ SSB opened at $78.08 on Friday. The company has a 50 day simple moving average of $81.77 and a 200 day simple moving average of $78.45. The firm has a market cap of $5.95 billion, a PE ratio of 12.09 and a beta of 0.74. SouthState has a 1 year low of $59.51 and a 1 year high of $87.77. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.89 and a quick ratio of 0.88.

SouthState (NASDAQ:SSB) last posted its earnings results on Thursday, January 25th. The bank reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.13. The firm had revenue of $419.72 million during the quarter, compared to analysts’ expectations of $419.08 million. SouthState had a net margin of 22.15% and a return on equity of 9.85%.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Friday, February 9th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend was Thursday, February 8th. SouthState’s dividend payout ratio is 32.20%.

Insiders Place Their Bets

In other SouthState news, President Richard Iv Murray sold 4,900 shares of SouthState stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the transaction, the president now directly owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, President Richard Iv Murray sold 4,900 shares of SouthState stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total transaction of $401,065.00. Following the sale, the president now directly owns 58,968 shares in the company, valued at approximately $4,826,530.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the sale, the insider now owns 35,828 shares in the company, valued at $2,902,068. The disclosure for this sale can be found here. Insiders have sold 11,925 shares of company stock valued at $988,686 in the last three months. 1.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SouthState

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SSB. Parallel Advisors LLC raised its stake in SouthState by 544.0% in the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after acquiring an additional 272 shares during the period. TFO Wealth Partners LLC raised its stake in SouthState by 13,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after acquiring an additional 402 shares during the period. Covestor Ltd raised its stake in SouthState by 50.5% in the 3rd quarter. Covestor Ltd now owns 638 shares of the bank’s stock valued at $43,000 after acquiring an additional 214 shares during the period. Rockefeller Capital Management L.P. grew its holdings in SouthState by 37.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 591 shares of the bank’s stock valued at $45,000 after buying an additional 161 shares in the last quarter. Finally, Ensign Peak Advisors Inc purchased a new position in SouthState during the 1st quarter valued at about $54,000. 89.76% of the stock is currently owned by institutional investors.

About SouthState

SouthState 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. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.