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

SouthState Co. (NASDAQ:SSB) – Research analysts at DA Davidson issued their Q2 2024 earnings per share estimates for shares of SouthState in a report issued on Monday, April 29th. DA Davidson analyst G. Tenner forecasts that the bank will post earnings per share of $1.55 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 $6.48 per share. DA Davidson also issued estimates for SouthState’s FY2024 earnings at $6.44 EPS and FY2025 earnings at $7.25 EPS.

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

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

SouthState Trading Down 1.1 %

Shares of SSB stock opened at $77.08 on Tuesday. SouthState has a 12-month low of $59.51 and a 12-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 50 day moving average of $81.23 and a 200-day moving average of $79.09. The firm has a market cap of $5.88 billion, a P/E ratio of 11.99 and a beta of 0.74.

Institutional Investors Weigh In On SouthState

Hedge funds have recently bought and sold shares of the stock. Nicholas Hoffman & Company LLC. boosted its holdings in shares of SouthState by 0.7% in the 4th quarter. Nicholas Hoffman & Company LLC. now owns 19,019 shares of the bank’s stock worth $1,606,000 after purchasing an additional 131 shares in the last quarter. Sheets Smith Wealth Management raised its stake in shares of SouthState by 3.0% during the third quarter. Sheets Smith Wealth Management now owns 5,863 shares of the bank’s stock worth $395,000 after acquiring an additional 171 shares in the last quarter. AlphaMark Advisors LLC raised its stake in shares of SouthState by 5.1% during the fourth quarter. AlphaMark Advisors LLC now owns 3,608 shares of the bank’s stock worth $305,000 after acquiring an additional 175 shares in the last quarter. Red Spruce Capital LLC lifted its holdings in shares of SouthState by 0.6% in the 4th quarter. Red Spruce Capital LLC now owns 29,465 shares of the bank’s stock worth $2,488,000 after acquiring an additional 179 shares during the last quarter. Finally, Prospector Partners LLC boosted its stake in shares of SouthState by 0.3% in the 3rd quarter. Prospector Partners LLC now owns 76,197 shares of the bank’s stock valued at $5,133,000 after purchasing an additional 200 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Daniel E. Bockhorst sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the completion of the transaction, the insider now owns 35,828 shares of the company’s stock, valued at $2,902,068. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the sale, the insider now owns 35,828 shares in the company, valued at $2,902,068. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Richard Iv Murray sold 4,900 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the transaction, 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. 1.70% of the stock is owned by corporate insiders.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 2.70%. SouthState’s dividend payout ratio (DPR) is 33.93%.

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.