SouthState (NASDAQ:SSB) Posts Earnings Results, Beats Estimates By $0.26 EPS

SouthState (NASDAQ:SSB) released its quarterly earnings results on Wednesday. The bank reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.64 by $0.26, Briefing.com reports. The business had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The business’s revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.62 EPS.

SouthState Trading Down 2.3 %

NASDAQ SSB opened at $95.78 on Friday. The company has a 50-day moving average of $96.35 and a 200-day moving average of $86.27. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. SouthState has a 12 month low of $64.81 and a 12 month high of $103.82. The company has a market cap of $7.30 billion, a P/E ratio of 15.62 and a beta of 0.67.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 2.26%. SouthState’s dividend payout ratio (DPR) is presently 35.24%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Hovde Group lifted their target price on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Citigroup initiated coverage on SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price on the stock. Piper Sandler raised their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday. DA Davidson upped their price objective on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Keefe, Bruyette & Woods increased their price objective on SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, SouthState has a consensus rating of “Moderate Buy” and an average target price of $104.44.

Insider Buying and Selling

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.26% 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.