DA Davidson Weighs in on SouthState Co.’s Q2 2024 Earnings (NASDAQ:SSB)

SouthState Co. (NASDAQ:SSB) – Equities researchers at DA Davidson issued their Q2 2024 earnings estimates for shares of SouthState in a research report issued on Monday, April 29th. DA Davidson analyst G. Tenner forecasts that the bank will earn $1.55 per share for the quarter. DA Davidson currently has a “Buy” rating and a $102.00 target price on the stock. The consensus estimate for SouthState’s current full-year earnings is $6.37 per share. DA Davidson also issued estimates for SouthState’s FY2024 earnings at $6.44 EPS and FY2025 earnings at $7.25 EPS.

SSB has been the topic of several other reports. Piper Sandler cut their target price on shares of SouthState from $98.00 to $95.00 and set an “overweight” rating on the stock in a research note on Monday. Truist Financial cut their target price on shares of SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a research note on Monday. Raymond James lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. Finally, UBS Group raised their price objective on shares of SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, January 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, SouthState presently has an average rating of “Hold” and a consensus price target of $88.17.

SouthState Trading Up 2.0 %

SSB opened at $77.20 on Tuesday. SouthState has a twelve month low of $59.51 and a twelve month high of $87.77. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.07. The company has a fifty day moving average of $80.95 and a 200-day moving average of $79.14. The stock has a market cap of $5.89 billion, a PE ratio of 12.59 and a beta of 0.74.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The firm had revenue of $415.49 million during the quarter, compared to analysts’ expectations of $414.32 million. During the same period in the prior year, the company posted $1.93 EPS. The company’s revenue was down 8.2% on a year-over-year basis.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 10th will be paid a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 2.69%. SouthState’s dividend payout ratio is presently 33.93%.

Insiders Place Their Bets

In other SouthState news, President Richard Iv Murray sold 4,900 shares of the business’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 value of $401,065.00. Following the completion of 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 filing with the SEC, which is available through this link. In other 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 completion of the sale, the insider now owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 sale, the president now owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On SouthState

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC raised its holdings in SouthState by 107.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 19,006 shares of the bank’s stock valued at $1,616,000 after buying an additional 9,843 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in SouthState by 82.5% during the 1st quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock valued at $3,601,000 after buying an additional 19,138 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in SouthState during the 1st quarter valued at $266,000. J.W. Cole Advisors Inc. bought a new stake in SouthState during the 1st quarter valued at $418,000. Finally, Van ECK Associates Corp raised its holdings in SouthState by 36.5% in the 1st quarter. Van ECK Associates Corp now owns 26,757 shares of the bank’s stock worth $2,275,000 after purchasing an additional 7,156 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

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.