Q1 2024 EPS Estimates for SouthState Co. (NASDAQ:SSB) Cut by DA Davidson

SouthState Co. (NASDAQ:SSB) – Stock analysts at DA Davidson dropped their Q1 2024 earnings per share estimates for shares of SouthState in a research note issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now forecasts that the bank will earn $1.54 per share for the quarter, down from their previous estimate of $1.56. DA Davidson has a “Buy” rating and a $102.00 price target on the stock. The consensus estimate for SouthState’s current full-year earnings is $6.63 per share. DA Davidson also issued estimates for SouthState’s FY2025 earnings at $7.31 EPS.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Thursday, January 25th. The bank reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.13. The firm had revenue of $419.72 million for the quarter, compared to analysts’ expectations of $419.08 million. SouthState had a return on equity of 9.85% and a net margin of 22.15%.

SSB has been the subject of a number of other research reports. Truist Financial lowered their price target on shares of SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a report on Monday, April 1st. UBS Group boosted their price target on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, January 29th. Finally, Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, SouthState presently has an average rating of “Hold” and an average price target of $87.80.

SouthState Trading Up 0.7 %

NASDAQ:SSB opened at $76.61 on Thursday. SouthState has a one year low of $59.51 and a one year high of $87.77. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a market capitalization of $5.84 billion, a price-to-earnings ratio of 11.86 and a beta of 0.74. The business has a fifty day moving average price of $81.86 and a 200-day moving average price of $78.36.

Institutional Investors Weigh In On SouthState

Several hedge funds have recently modified their holdings of SSB. Raymond James & Associates boosted its stake in shares of SouthState by 69.1% during the 1st quarter. Raymond James & Associates now owns 19,456 shares of the bank’s stock worth $1,587,000 after acquiring an additional 7,949 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of SouthState by 51.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 22,450 shares of the bank’s stock worth $1,832,000 after acquiring an additional 7,622 shares in the last quarter. HighTower Advisors LLC boosted its stake in shares of SouthState by 119.0% during the 1st quarter. HighTower Advisors LLC now owns 8,239 shares of the bank’s stock worth $673,000 after acquiring an additional 4,477 shares in the last quarter. Citigroup Inc. boosted its stake in shares of SouthState by 29.1% during the 1st quarter. Citigroup Inc. now owns 26,907 shares of the bank’s stock worth $2,194,000 after acquiring an additional 6,065 shares in the last quarter. Finally, Bank of Montreal Can acquired a new position in shares of SouthState during the 1st quarter worth about $204,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Daniel E. Bockhorst sold 3,000 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the sale, the insider now directly owns 35,828 shares of the company’s stock, valued at $2,902,068. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the sale, the insider now directly owns 35,828 shares of the company’s stock, valued at $2,902,068. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction 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 completion of the sale, the president now directly owns 58,968 shares in the company, valued at $4,826,530.80. The disclosure for this sale can be found here. Insiders have sold 11,925 shares of company stock valued at $988,686 over the last ninety days. 1.26% of the stock is currently owned by insiders.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Friday, February 9th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date was Thursday, February 8th. SouthState’s dividend payout ratio (DPR) is presently 32.20%.

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.