DA Davidson Weighs in on SouthState Co.’s FY2024 Earnings (NASDAQ:SSB)

SouthState Co. (NASDAQ:SSB) – Research analysts at DA Davidson cut their FY2024 EPS estimates for SouthState in a note issued to investors on Thursday, October 3rd. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings per share of $6.63 for the year, down from their previous forecast of $6.67. DA Davidson currently has a “Buy” rating and a $112.00 price target on the stock. The consensus estimate for SouthState’s current full-year earnings is $6.69 per share.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The company had revenue of $425.48 million during the quarter, compared to analysts’ expectations of $418.08 million. During the same quarter in the previous year, the company earned $1.63 earnings per share. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis.

Other equities analysts also recently issued reports about the stock. Stephens lifted their target price on shares of SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods lifted their target price on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Hovde Group boosted their price target on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Finally, 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 note on Friday, September 20th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $103.00.

SouthState Stock Up 1.9 %

Shares of NASDAQ SSB opened at $96.44 on Monday. The company’s 50-day simple moving average is $94.21 and its 200-day simple moving average is $84.63. SouthState has a 52-week low of $63.36 and a 52-week high of $102.82. The firm has a market cap of $7.35 billion, a price-to-earnings ratio of 15.73 and a beta of 0.67. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10.

SouthState Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.24%. The ex-dividend date was Friday, August 9th. This is a boost from SouthState’s previous quarterly dividend of $0.23. SouthState’s payout ratio is 35.24%.

Insider Activity

In other news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the transaction, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction 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 completion of the sale, the insider now owns 33,328 shares in the company, valued at $3,332,800. This represents a 0.00 % decrease in their position. 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 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 owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

Institutional Trading of SouthState

A number of large investors have recently bought and sold shares of SSB. Vanguard Group Inc. raised its position in SouthState by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock worth $713,461,000 after buying an additional 54,147 shares during the last quarter. Dimensional Fund Advisors LP raised its position in SouthState by 12.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock worth $254,394,000 after buying an additional 371,987 shares during the last quarter. Victory Capital Management Inc. raised its position in SouthState by 1.6% during the 2nd quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock worth $214,157,000 after buying an additional 45,176 shares during the last quarter. American Century Companies Inc. raised its position in SouthState by 2.4% during the 2nd quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock worth $128,831,000 after buying an additional 39,492 shares during the last quarter. Finally, Earnest Partners LLC increased its holdings in shares of SouthState by 2.8% in the 2nd quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank’s stock valued at $114,197,000 after purchasing an additional 40,879 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

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.