DA Davidson Comments on SouthState Co.’s Q1 2024 Earnings (NASDAQ:SSB)

SouthState Co. (NASDAQ:SSB) – Equities research analysts at DA Davidson reduced their Q1 2024 earnings per share estimates for shares of SouthState in a report issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now expects that the bank will post earnings of $1.54 per share for the quarter, down from their prior estimate of $1.56. 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 $6.63 per share. DA Davidson also issued estimates for SouthState’s FY2025 earnings at $7.31 EPS.

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

A number of other equities research analysts have also weighed in on the company. UBS Group lifted their target price on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, January 29th. Truist Financial decreased their target price on SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a research report on Monday, April 1st. Finally, Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a research report on Friday, January 5th. One equities research 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’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $87.80.

SouthState Trading Up 2.0 %

Shares of NASDAQ SSB opened at $78.08 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.06. The business has a fifty day simple moving average of $81.77 and a two-hundred 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 twelve month low of $59.51 and a twelve month high of $87.77.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 16th. Investors of record on Friday, February 9th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 2.66%. The ex-dividend date was Thursday, February 8th. SouthState’s dividend payout ratio is currently 32.20%.

Insider Activity at SouthState

In related news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the sale, the insider now owns 35,828 shares in the company, valued at approximately $2,902,068. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Renee R. Brooks sold 4,025 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $85.62, for a total value of $344,620.50. Following the sale, the chief operating officer now owns 31,747 shares in the company, valued at approximately $2,718,178.14. 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 ninety days. Corporate insiders own 1.26% of the company’s stock.

Institutional Trading of SouthState

A number of hedge funds have recently modified their holdings of SSB. Parallel Advisors LLC boosted its stake in shares of SouthState by 544.0% in the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after buying an additional 272 shares during the last quarter. TFO Wealth Partners LLC boosted its stake in shares of SouthState by 13,400.0% in 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 boosted its stake in shares of SouthState by 50.5% in the third quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after buying an additional 214 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in shares of SouthState by 37.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 591 shares of the bank’s stock worth $45,000 after buying an additional 161 shares during the last quarter. Finally, Ensign Peak Advisors Inc acquired a new position in SouthState in the 1st quarter worth about $54,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

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.