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

SouthState (NASDAQ:SSB) announced its quarterly earnings data on Thursday. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03, Briefing.com reports. SouthState had a return on equity of 9.85% and a net margin of 22.15%. The company had revenue of $415.49 million for the quarter, compared to the consensus estimate of $414.32 million. During the same period in the previous year, the business earned $1.93 EPS. The firm’s revenue was down 8.2% compared to the same quarter last year.

SouthState Stock Down 1.4 %

Shares of SSB stock traded down $1.07 during trading hours on Friday, reaching $77.89. The company had a trading volume of 466,802 shares, compared to its average volume of 417,040. The business has a fifty day simple moving average of $81.55 and a 200-day simple moving average of $78.81. SouthState has a 12 month low of $59.51 and a 12 month high of $87.77. The company 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.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 10th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Thursday, May 9th. SouthState’s dividend payout ratio (DPR) is presently 32.20%.

Analyst Upgrades and Downgrades

SSB has been the subject of several research analyst reports. Raymond James lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Friday, January 5th. UBS Group upped their price target on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. DA Davidson reiterated a “buy” rating and issued a $102.00 price target (up previously from $96.00) on shares of SouthState in a report on Monday, January 29th. Finally, Truist Financial lowered their target price on SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. One research 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 MarketBeat, the company presently has an average rating of “Hold” and an average target price of $87.80.

Insider Buying and Selling

In other news, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the sale, the insider now owns 35,828 shares in the company, valued at $2,902,068. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Daniel E. Bockhorst sold 3,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Renee R. Brooks sold 4,025 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $85.62, for a total transaction of $344,620.50. Following the completion of the transaction, 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. Over the last 90 days, insiders sold 11,925 shares of company stock worth $988,686. 1.26% of the stock is owned by corporate insiders.

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.