SouthState Bank (NYSE:SSB) Releases Earnings Results, Beats Expectations By $0.07 EPS

SouthState Bank (NYSE:SSB) issued its earnings results on Thursday. The company reported $2.28 EPS for the quarter, beating the consensus estimate of $2.21 by $0.07, FiscalAI reports. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. The company had revenue of $661.70 million during the quarter, compared to analysts’ expectations of $669.29 million. During the same quarter in the previous year, the company posted $0.87 EPS.

SouthState Bank Trading Down 0.9%

Shares of NYSE:SSB opened at $96.65 on Friday. The business has a 50 day moving average of $96.32 and a 200-day moving average of $95.46. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.03. The stock has a market cap of $9.48 billion, a PE ratio of 12.48 and a beta of 0.75. SouthState Bank has a 12-month low of $84.47 and a 12-month high of $108.46.

SouthState Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Friday, May 8th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, May 8th. SouthState Bank’s dividend payout ratio is currently 30.53%.

Analysts Set New Price Targets

A number of analysts have recently commented on SSB shares. Jefferies Financial Group upped their price target on SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. Hovde Group upgraded shares of SouthState Bank from a “market perform” rating to an “outperform” rating and set a $110.00 price objective for the company in a report on Thursday, March 19th. JPMorgan Chase & Co. lowered their target price on shares of SouthState Bank from $120.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday, April 1st. Barclays lifted their price target on shares of SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Finally, Weiss Ratings upgraded shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, SouthState Bank has a consensus rating of “Buy” and an average price target of $118.71.

Institutional Investors Weigh In On SouthState Bank

Several large investors have recently added to or reduced their stakes in SSB. Invesco Ltd. lifted its stake in shares of SouthState Bank by 3.6% in the fourth quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock valued at $155,068,000 after buying an additional 56,693 shares in the last quarter. Crusonia Wealth Advisors LLC purchased a new stake in SouthState Bank in the 4th quarter valued at about $448,000. Empowered Funds LLC purchased a new stake in shares of SouthState Bank during the fourth quarter valued at approximately $83,000. XTX Topco Ltd bought a new position in SouthState Bank in the 4th quarter valued at $3,892,000. Finally, Wellington Management Group LLP raised its stake in shares of SouthState Bank by 24.8% during the 4th quarter. Wellington Management Group LLP now owns 1,036,952 shares of the company’s stock worth $97,588,000 after purchasing an additional 206,210 shares during the period. Institutional investors and hedge funds 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.