SouthState Bank (NYSE:SSB) Releases Earnings Results, Beats Estimates By $0.04 EPS

SouthState Bank (NYSE:SSB) announced its quarterly earnings data on Thursday. The company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04, FiscalAI reports. The company had revenue of $672.67 million during the quarter, compared to the consensus estimate of $676.83 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same quarter last year, the firm posted $2.30 EPS.

SouthState Bank Stock Down 1.0%

Shares of SSB opened at $101.17 on Friday. SouthState Bank has a 52 week low of $84.47 and a 52 week high of $108.46. The firm has a market cap of $9.88 billion, a P/E ratio of 10.91 and a beta of 0.70. The firm’s 50-day simple moving average is $97.70 and its 200 day simple moving average is $97.70. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93.

SouthState Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s payout ratio is presently 25.89%.

Analyst Ratings Changes

Several brokerages recently issued reports on SSB. Weiss Ratings upgraded shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. boosted their price target on SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. UBS Group lowered SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price objective on the stock. in a research note on Tuesday, July 7th. Hovde Group raised their price objective on SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Finally, Citigroup cut their price objective on SouthState Bank from $116.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $117.50.

Insider Activity at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the transaction, the director owned 12,700 shares in the company, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.70% of the company’s stock.

Institutional Trading of SouthState Bank

Several institutional investors have recently added to or reduced their stakes in SSB. Invesco Ltd. increased its position in SouthState Bank by 3.6% during the 4th quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock worth $155,068,000 after buying an additional 56,693 shares during the period. Crusonia Wealth Advisors LLC acquired a new stake in shares of SouthState Bank during the fourth quarter worth $448,000. Empowered Funds LLC bought a new stake in shares of SouthState Bank in the fourth quarter valued at about $83,000. XTX Topco Ltd bought a new stake in shares of SouthState Bank in the fourth quarter valued at about $3,892,000. Finally, Wellington Management Group LLP grew its stake in shares of SouthState Bank by 24.8% in the fourth quarter. Wellington Management Group LLP now owns 1,036,952 shares of the company’s stock valued at $97,588,000 after acquiring an additional 206,210 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Bank Company Profile

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.