DA Davidson Weighs in on SouthState Co.’s Q1 2024 Earnings (NASDAQ:SSB)

SouthState Co. (NASDAQ:SSB) – Equities research analysts at DA Davidson dropped their Q1 2024 EPS estimates for SouthState in a report issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now expects that the bank will earn $1.54 per share for the quarter, down from their prior forecast 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.

A number of other research analysts have also recently issued reports on the stock. UBS Group raised their price target on shares of SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, January 29th. Truist Financial cut their price objective on shares of SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. Finally, Raymond James lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, SouthState currently has a consensus rating of “Hold” and an average price target of $87.80.

SouthState Trading Down 0.6 %

NASDAQ SSB opened at $75.99 on Thursday. The company has a fifty day simple moving average of $81.92 and a two-hundred day simple moving average of $78.38. The stock has a market cap of $5.79 billion, a P/E ratio of 11.76 and a beta of 0.74. SouthState has a 12-month low of $59.51 and a 12-month high of $87.77. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.06.

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

Institutional Trading of SouthState

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SSB. BlackRock Inc. grew its position in shares of SouthState by 65.4% in the first quarter. BlackRock Inc. now owns 8,927,017 shares of the bank’s stock valued at $636,139,000 after purchasing an additional 3,528,828 shares during the period. Bank of America Corp DE grew its position in shares of SouthState by 166.6% in the first quarter. Bank of America Corp DE now owns 2,017,648 shares of the bank’s stock valued at $143,778,000 after purchasing an additional 1,260,884 shares during the period. Morgan Stanley grew its position in shares of SouthState by 666.6% in the fourth quarter. Morgan Stanley now owns 1,329,194 shares of the bank’s stock valued at $101,497,000 after purchasing an additional 1,155,800 shares during the period. Vanguard Group Inc. grew its position in shares of SouthState by 16.4% in the first quarter. Vanguard Group Inc. now owns 7,914,710 shares of the bank’s stock valued at $645,762,000 after purchasing an additional 1,114,653 shares during the period. Finally, State Street Corp grew its position in shares of SouthState by 45.6% in the first quarter. State Street Corp now owns 3,402,771 shares of the bank’s stock valued at $242,481,000 after purchasing an additional 1,066,192 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Transactions at SouthState

In related news, President Richard Iv Murray sold 4,900 shares of the firm’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 in the company, valued at $4,826,530.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, President Richard Iv Murray sold 4,900 shares of the firm’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 in the company, valued at $4,826,530.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Renee R. Brooks sold 4,025 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $85.62, for a total transaction of $344,620.50. Following the sale, the chief operating officer now owns 31,747 shares in the company, valued at approximately $2,718,178.14. The disclosure for this sale can be found here. Insiders have sold 11,925 shares of company stock worth $988,686 over the last 90 days. 1.70% of the stock is currently owned by company insiders.

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Friday, February 9th were paid a $0.52 dividend. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.74%. SouthState’s payout ratio is currently 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.