SouthState Bank (NYSE:SSB) Issues Quarterly Earnings Results, Misses Estimates By $0.10 EPS

SouthState Bank (NYSE:SSB) issued its quarterly earnings data on Wednesday. The company reported $2.30 earnings per share for the quarter, missing the consensus estimate of $2.40 by ($0.10), FiscalAI reports. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%. The company had revenue of $685.43 million for the quarter, compared to the consensus estimate of $691.13 million.

SouthState Bank Trading Down 0.1%

Shares of NYSE SSB traded down $0.06 during midday trading on Wednesday, hitting $102.56. The company’s stock had a trading volume of 1,053,016 shares, compared to its average volume of 818,026. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The business’s 50 day moving average is $104.32 and its two-hundred day moving average is $100.71. SouthState Bank has a 12-month low of $84.47 and a 12-month high of $112.20. The firm has a market cap of $9.95 billion, a P/E ratio of 10.78 and a beta of 0.78.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the transaction, the chief financial officer owned 40,568 shares in the company, valued at $4,419,072.24. The trade was a 8.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Brooks sold 24,650 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the transaction, the director directly owned 7,900 shares in the company, valued at $869,000. This trade represents a 75.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 34,831 shares of company stock valued at $3,814,274 over the last three months. 1.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on SSB. Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a report on Saturday, October 3rd. Stephens restated an “overweight” rating and set a $116.00 price target on shares of SouthState Bank in a report on Monday, July 27th. UBS Group downgraded SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target for the company. in a research report on Tuesday, July 7th. JPMorgan Chase & Co. dropped their price objective on shares of SouthState Bank from $125.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, October 1st. Finally, Truist Financial cut their price objective on shares of SouthState Bank from $118.00 to $113.00 and set a “buy” rating on the stock in a research report on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $118.54.

About SouthState Bank

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.