SouthState Co. Forecasted to Earn Q2 2024 Earnings of $1.55 Per Share (NASDAQ:SSB)

SouthState Co. (NASDAQ:SSB) – Investment analysts at DA Davidson issued their Q2 2024 earnings estimates for SouthState in a research note issued to investors on Monday, April 29th. DA Davidson analyst G. Tenner expects that the bank will post earnings per share of $1.55 for the quarter. DA Davidson has a “Buy” rating and a $102.00 price target on the stock. The consensus estimate for SouthState’s current full-year earnings is $6.37 per share. DA Davidson also issued estimates for SouthState’s FY2024 earnings at $6.44 EPS and FY2025 earnings at $7.25 EPS.

SouthState (NASDAQ:SSB) last issued its earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The business had revenue of $415.49 million for the quarter, compared to analyst estimates of $414.32 million. During the same period in the previous year, the business earned $1.93 EPS. The firm’s revenue was down 8.2% on a year-over-year basis.

A number of other research analysts have also recently issued reports on SSB. Raymond James cut shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Friday, January 5th. Piper Sandler dropped their price target on shares of SouthState from $98.00 to $95.00 and set an “overweight” rating on the stock in a research report on Monday. UBS Group upped their price target on shares of SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, January 29th. Finally, Truist Financial dropped their price objective on shares of SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a research report on Monday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $88.17.

SouthState Price Performance

Shares of SouthState stock opened at $77.20 on Tuesday. The firm has a market cap of $5.89 billion, a P/E ratio of 12.59 and a beta of 0.74. SouthState has a twelve month low of $59.51 and a twelve month high of $87.77. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.89 and a current ratio of 0.89. The firm’s 50-day simple moving average is $80.95 and its 200-day simple moving average is $79.14.

Institutional Investors Weigh In On SouthState

A number of hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new stake in SouthState in the third quarter valued at about $1,430,000. Commonwealth Equity Services LLC raised its stake in SouthState by 8.5% in the third quarter. Commonwealth Equity Services LLC now owns 14,871 shares of the bank’s stock valued at $1,002,000 after buying an additional 1,165 shares during the last quarter. Sheets Smith Wealth Management raised its stake in SouthState by 3.0% in the third quarter. Sheets Smith Wealth Management now owns 5,863 shares of the bank’s stock valued at $395,000 after buying an additional 171 shares during the last quarter. FinTrust Capital Advisors LLC raised its stake in SouthState by 2.0% in the third quarter. FinTrust Capital Advisors LLC now owns 11,479 shares of the bank’s stock valued at $773,000 after buying an additional 221 shares during the last quarter. Finally, Raymond James & Associates raised its stake in SouthState by 6.7% in the third quarter. Raymond James & Associates now owns 22,961 shares of the bank’s stock valued at $1,547,000 after buying an additional 1,437 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, President Richard Iv Murray sold 4,900 shares of the business’s stock in a transaction that occurred 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 transaction, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other SouthState news, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the transaction, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel E. Bockhorst sold 3,000 shares of the 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 transaction, the insider now directly owns 35,828 shares in the company, valued at approximately $2,902,068. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 2.69%. SouthState’s dividend payout ratio is presently 33.93%.

SouthState Company Profile

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.