SouthState Bank (NYSE:SSB) Releases Quarterly Earnings Results, Misses Expectations By $0.10 EPS

SouthState Bank (NYSE:SSB) released its quarterly earnings results on Wednesday. The company reported $2.30 EPS for the quarter, missing the consensus estimate of $2.40 by ($0.10), FiscalAI reports. SouthState Bank had a return on equity of 10.23% and a net margin of 24.63%. The company had revenue of $685.43 million for the quarter, compared to analysts’ expectations of $691.13 million. During the same quarter last year, the company earned $2.58 EPS.

SouthState Bank Trading Up 2.7%

Shares of SSB stock opened at $105.52 on Friday. The firm has a market cap of $10.23 billion, a P/E ratio of 11.10 and a beta of 0.78. SouthState Bank has a 1-year low of $84.47 and a 1-year high of $112.20. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93. The firm’s 50-day simple moving average is $104.06 and its 200-day simple moving average is $100.85.

SouthState Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, November 6th will be given a dividend of $0.66 per share. The ex-dividend date is Friday, November 6th. This represents a $2.64 annualized dividend and a yield of 2.5%. SouthState Bank’s dividend payout ratio is 28.12%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Barclays increased their target price on SouthState Bank from $118.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, October 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of SouthState Bank in a research report on Monday, October 12th. JPMorgan Chase & Co. reduced their target price on SouthState Bank from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, October 1st. Truist Financial lowered their price target on shares of SouthState Bank from $118.00 to $113.00 and set a “buy” rating on the stock in a research note on Friday, October 9th. Finally, Fundamental Research set a $120.00 price target on shares of SouthState Bank in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $118.54.

Insider Buying and Selling at SouthState Bank

In other news, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the transaction, the director owned 7,900 shares of the company’s stock, valued at approximately $869,000. This trade represents a 75.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO William Matthews sold 4,000 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the sale, the chief financial officer directly owned 40,568 shares of the company’s stock, valued at $4,419,072.24. The trade was a 8.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 34,831 shares of company stock valued at $3,814,274 over the last three months. Corporate insiders own 1.70% of the company’s stock.

About SouthState Bank

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.