SouthState (NASDAQ:SSB) Announces Quarterly Earnings Results

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

SouthState Stock Up 1.5 %

Shares of NASDAQ:SSB opened at $98.06 on Friday. The company’s fifty day moving average is $96.27 and its two-hundred day moving average is $86.18. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. SouthState has a 1-year low of $63.36 and a 1-year high of $103.82. The stock has a market capitalization of $7.47 billion, a price-to-earnings ratio of 16.00 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. Shareholders of record on Friday, November 8th will be paid 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 2.20%. SouthState’s payout ratio is 35.24%.

Analysts Set New Price Targets

A number of equities analysts have commented on SSB shares. Truist Financial boosted their price objective on shares of SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Citigroup assumed coverage on SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target on the stock. DA Davidson raised their price objective on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Stephens upped their target price on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods raised their price target on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $102.89.

Insider Activity

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the 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 approximately $3,696,400. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company 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.