SouthState Co. (NASDAQ:SSB) to Post Q2 2024 Earnings of $1.55 Per Share, DA Davidson Forecasts

SouthState Co. (NASDAQ:SSB) – Equities researchers at DA Davidson issued their Q2 2024 earnings estimates for shares of SouthState in a research report issued to clients and investors on Monday, April 29th. DA Davidson analyst G. Tenner anticipates that the bank will earn $1.55 per share 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 $6.48 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 issued its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03. The company had revenue of $415.49 million during the quarter, compared to analysts’ expectations of $414.32 million. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The business’s revenue was down 8.2% on a year-over-year basis. During the same period last year, the business earned $1.93 earnings per share.

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

SouthState Stock Performance

SouthState stock opened at $75.76 on Tuesday. SouthState has a 12-month low of $59.51 and a 12-month high of $87.77. The stock has a 50-day simple moving average of $81.07 and a 200 day simple moving average of $79.15. 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 stock has a market capitalization of $5.78 billion, a price-to-earnings ratio of 12.36 and a beta of 0.74.

SouthState Announces Dividend

The business also recently declared 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 2.75%. The ex-dividend date is Thursday, May 9th. SouthState’s payout ratio is currently 33.93%.

Insider Activity at SouthState

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

Institutional Trading of SouthState

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC increased its holdings in SouthState by 544.0% during 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 lifted its stake in SouthState by 13,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after purchasing an additional 402 shares during the last quarter. Covestor Ltd grew its holdings in SouthState by 50.5% during the third quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after purchasing an additional 214 shares during the period. International Assets Investment Management LLC increased its position in SouthState by 8,346.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock worth $107,000 after buying an additional 1,252 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in shares of SouthState by 10.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,250 shares of the bank’s stock valued at $190,000 after buying an additional 205 shares during the last quarter. Institutional investors and hedge funds 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.