SouthState Bank (NYSE:SSB) Releases Quarterly Earnings Results, Beats Estimates By $0.17 EPS

SouthState Bank (NYSE:SSB) issued its quarterly earnings data on Thursday. The company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.30 by $0.17, FiscalAI reports. The business had revenue of $686.87 million during the quarter, compared to analysts’ expectations of $667.88 million. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.During the same period in the previous year, the firm posted $1.93 earnings per share.

SouthState Bank Price Performance

Shares of SouthState Bank stock opened at $100.80 on Friday. The stock’s 50 day moving average is $94.05. The firm has a market cap of $10.13 billion, a P/E ratio of 13.86 and a beta of 0.74. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.93. SouthState Bank has a 1 year low of $77.74 and a 1 year high of $109.64.

SouthState Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, February 6th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, February 6th. SouthState Bank’s payout ratio is currently 33.01%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SSB shares. Piper Sandler lowered their price objective on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. TD Cowen reduced their target price on shares of SouthState Bank from $120.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, January 7th. Citigroup lowered their price objective on shares of SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. JPMorgan Chase & Co. initiated coverage on SouthState Bank in a research report on Friday, December 12th. They set an “overweight” rating and a $115.00 target price on the stock. Finally, UBS Group cut their price objective on SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $115.07.

Institutional Trading of SouthState Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SSB. AQR Capital Management LLC lifted its holdings in SouthState Bank by 269.4% in the 3rd quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock valued at $120,530,000 after purchasing an additional 889,042 shares in the last quarter. Jane Street Group LLC lifted its stake in shares of SouthState Bank by 810.7% during the second quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock valued at $69,548,000 after buying an additional 672,721 shares during the period. Invesco Ltd. boosted its position in SouthState Bank by 35.6% during the third quarter. Invesco Ltd. now owns 1,591,034 shares of the company’s stock worth $157,306,000 after acquiring an additional 418,031 shares during the last quarter. Verition Fund Management LLC lifted its stake in shares of SouthState Bank by 426.9% during the 3rd quarter. Verition Fund Management LLC now owns 380,598 shares of the company’s stock worth $37,630,000 after purchasing an additional 308,362 shares during the period. Finally, Bank of Montreal Can boosted its holdings in shares of SouthState Bank by 2,256.9% during the third quarter. Bank of Montreal Can now owns 269,088 shares of the company’s stock worth $26,605,000 after purchasing an additional 257,671 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

About SouthState Bank

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.