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

SouthState Co. (NASDAQ:SSB) – DA Davidson issued their Q2 2024 EPS estimates for SouthState in a note issued to investors on Monday, April 29th. DA Davidson analyst G. Tenner anticipates that the bank will post earnings per share of $1.55 for the quarter. DA Davidson currently has a “Buy” rating and a $102.00 target price on the stock. The consensus estimate for SouthState’s current full-year earnings is $6.48 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 announced its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.03. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The firm had revenue of $415.49 million for the quarter, compared to analysts’ expectations of $414.32 million. During the same quarter in the prior year, the firm posted $1.93 earnings per share. SouthState’s revenue for the quarter was down 8.2% compared to the same quarter last year.

SSB has been the topic of a number of other reports. Piper Sandler lowered their price target on SouthState from $98.00 to $95.00 and set an “overweight” rating on the stock in a report on Monday. UBS Group upped their price target on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, January 29th. Truist Financial reduced their price objective on SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a research note on Monday. Finally, Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a research report on Friday, January 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $88.17.

SouthState Price Performance

SSB opened at $77.08 on Tuesday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.07. The company’s 50-day moving average price is $81.23 and its 200 day moving average price is $79.09. SouthState has a fifty-two week low of $59.51 and a fifty-two week high of $87.77. The firm has a market cap of $5.88 billion, a price-to-earnings ratio of 11.99 and a beta of 0.74.

Institutional Investors Weigh In On SouthState

Hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC grew its holdings in shares of SouthState by 544.0% in the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after purchasing an additional 272 shares during the last quarter. TFO Wealth Partners LLC grew its stake in SouthState by 13,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after buying an additional 402 shares during the last quarter. Covestor Ltd increased its holdings in shares of SouthState by 50.5% during the third quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after buying an additional 214 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of SouthState by 8,346.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock valued at $107,000 after acquiring an additional 1,252 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of SouthState by 10.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,250 shares of the bank’s stock worth $190,000 after acquiring an additional 205 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Insiders Place Their Bets

In other SouthState news, President Richard Iv Murray sold 4,900 shares of the 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 $4,826,530.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the completion of the sale, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the sale, the president now owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 10th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend is Thursday, May 9th. SouthState’s dividend payout ratio (DPR) 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.