SouthState Bank (NYSE:SSB) Releases Quarterly Earnings Results, Beats Estimates By $0.17 EPS

SouthState Bank (NYSE:SSB) issued its quarterly earnings results on Thursday. The company reported $2.47 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.17, FiscalAI reports. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.The company had revenue of $686.87 million during the quarter, compared to the consensus estimate of $667.88 million.

SouthState Bank Stock Performance

SouthState Bank stock traded up $0.23 during mid-day trading on Thursday, hitting $100.80. 815,587 shares of the company traded hands, compared to its average volume of 623,449. The business’s fifty day moving average price is $93.82. The firm has a market capitalization of $10.13 billion, a PE ratio of 13.86 and a beta of 0.74. SouthState Bank has a one year low of $77.74 and a one year high of $109.64. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04.

Institutional Investors Weigh In On SouthState Bank

A number of hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC raised its stake in shares of SouthState Bank by 269.4% in the third quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock worth $120,530,000 after buying an additional 889,042 shares during the period. Jane Street Group LLC lifted its stake in shares of SouthState Bank by 810.7% in the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock valued at $69,548,000 after purchasing an additional 672,721 shares during the last quarter. Invesco Ltd. lifted its stake in SouthState Bank by 35.6% in the third quarter. Invesco Ltd. now owns 1,591,034 shares of the company’s stock worth $157,306,000 after purchasing an additional 418,031 shares during the last quarter. Verition Fund Management LLC grew its holdings in shares of SouthState Bank by 426.9% in the third quarter. Verition Fund Management LLC now owns 380,598 shares of the company’s stock worth $37,630,000 after purchasing an additional 308,362 shares during the last quarter. Finally, Bank of Montreal Can boosted its holdings in shares of SouthState Bank by 2,256.9% in the third quarter. Bank of Montreal Can now owns 269,088 shares of the company’s stock valued at $26,605,000 after purchasing an additional 257,671 shares during the period. 89.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. National Bankshares set a $127.00 target price on shares of SouthState Bank in a research note on Wednesday, September 24th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of SouthState Bank in a report on Monday, December 29th. Raymond James Financial increased their price objective on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a report on Wednesday, January 7th. TD Cowen decreased their target price on SouthState Bank from $120.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, January 7th. Finally, Barclays dropped their price target on SouthState Bank from $125.00 to $122.00 and set an “overweight” rating on the stock in a research report on Friday, December 19th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $115.07.

About SouthState Bank

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.