SouthState (NASDAQ:SSB) Issues Earnings Results, Beats Expectations By $0.26 EPS

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

SouthState Stock Down 2.3 %

SouthState stock traded down $2.28 during mid-day trading on Friday, reaching $95.78. The stock had a trading volume of 471,420 shares, compared to its average volume of 479,402. The company has a market capitalization of $7.30 billion, a price-to-earnings ratio of 15.62 and a beta of 0.67. 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 one year low of $64.81 and a one year high of $103.82. The company has a 50-day moving average price of $96.35 and a two-hundred day moving average price of $86.27.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 8th will be given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, November 8th. SouthState’s dividend payout ratio is presently 35.24%.

Analysts Set New Price Targets

Several brokerages recently issued reports on SSB. Truist Financial boosted their price target on shares of SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Keefe, Bruyette & Woods upped their target price on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. DA Davidson raised their target price 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 price target on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Finally, Piper Sandler increased their price objective on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $104.44.

Insiders Place Their Bets

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction that occurred on 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 of the company’s stock, 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. Corporate insiders own 1.26% of the company’s stock.

SouthState Company Profile

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.