SouthState (NASDAQ:SSB) Posts Earnings Results, Beats Expectations By $0.03 EPS

SouthState (NASDAQ:SSB) announced its earnings results on Thursday. The bank reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.03, Briefing.com reports. SouthState had a net margin of 22.15% and a return on equity of 9.85%. The business had revenue of $415.49 million during the quarter, compared to analysts’ expectations of $414.32 million. During the same quarter last year, the company posted $1.93 EPS. The firm’s revenue for the quarter was down 8.2% on a year-over-year basis.

SouthState Trading Down 1.3 %

Shares of NASDAQ SSB traded down $1.01 during mid-day trading on Friday, hitting $77.95. The company’s stock had a trading volume of 466,802 shares, compared to its average volume of 417,040. The company’s fifty day simple moving average is $81.55 and its 200-day simple moving average is $78.81. SouthState has a one year low of $59.51 and a one year high of $87.77. The stock has a market cap of $5.94 billion, a price-to-earnings ratio of 12.13 and a beta of 0.74. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.89 and a quick ratio of 0.88.

Insider Buying and Selling

In related news, President Richard Iv Murray sold 4,900 shares of SouthState stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the transaction, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other SouthState news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the sale, the president now directly owns 58,968 shares in the company, valued at approximately $4,826,530.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Renee R. Brooks sold 4,025 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $85.62, for a total transaction of $344,620.50. Following the sale, the chief operating officer now owns 31,747 shares in the company, valued at $2,718,178.14. The disclosure for this sale can be found here. Insiders have sold 11,925 shares of company stock valued at $988,686 in the last 90 days. 1.26% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SSB shares. Truist Financial decreased their price objective on shares of SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a report on Monday, April 1st. UBS Group increased their price objective on shares of SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, January 29th. DA Davidson reissued a “buy” rating and set a $102.00 price objective (up previously from $96.00) on shares of SouthState in a report on Monday, January 29th. Finally, Raymond James lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Friday, January 5th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $87.80.

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.