DA Davidson Analysts Lift Earnings Estimates for SouthState

SouthState Co. (NASDAQ:SSB) – Equities research analysts at DA Davidson lifted their FY2025 earnings per share estimates for shares of SouthState in a report issued on Monday, April 28th. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings of $7.97 per share for the year, up from their previous estimate of $7.51. DA Davidson currently has a “Buy” rating and a $115.00 price target on the stock. The consensus estimate for SouthState’s current full-year earnings is $8.12 per share.

SSB has been the topic of several other reports. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Stephens reaffirmed an “overweight” rating and set a $119.00 price objective on shares of SouthState in a research report on Monday. Barclays dropped their target price on SouthState from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Finally, Raymond James set a $110.00 price target on SouthState in a research report on Monday. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $116.60.

SouthState Stock Performance

Shares of SSB opened at $87.84 on Wednesday. The firm’s 50 day moving average price is $89.89 and its two-hundred day moving average price is $98.57. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. SouthState has a twelve month low of $70.68 and a twelve month high of $114.27. The firm has a market cap of $8.90 billion, a P/E ratio of 12.62 and a beta of 0.65.

Institutional Investors Weigh In On SouthState

Several hedge funds have recently bought and sold shares of the stock. Summit Securities Group LLC bought a new position in shares of SouthState during the fourth quarter worth approximately $38,000. Aquatic Capital Management LLC bought a new stake in shares of SouthState in the fourth quarter valued at about $45,000. Quadrant Capital Group LLC grew its stake in shares of SouthState by 24.2% in the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock valued at $51,000 after acquiring an additional 99 shares in the last quarter. Versant Capital Management Inc increased its position in SouthState by 577.4% during the first quarter. Versant Capital Management Inc now owns 569 shares of the bank’s stock worth $53,000 after acquiring an additional 485 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in SouthState by 181.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank’s stock valued at $54,000 after purchasing an additional 378 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at SouthState

In other SouthState news, Director G Stacy Smith bought 3,100 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average cost of $93.60 per share, with a total value of $290,160.00. Following the acquisition, the director now owns 36,779 shares of the company’s stock, valued at $3,442,514.40. The trade was a 9.20 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Sara Arana sold 1,991 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $100.78, for a total value of $200,652.98. Following the sale, the chief accounting officer now directly owns 4,787 shares of the company’s stock, valued at $482,433.86. This represents a 29.37 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 16th. Shareholders of record on Friday, May 9th will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend is Friday, May 9th. SouthState’s dividend payout ratio (DPR) is currently 34.12%.

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.