SouthState Bank (NYSE:SSB) Announces Earnings Results

SouthState Bank (NYSE:SSB) posted its quarterly earnings results on Thursday. The company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04, FiscalAI reports. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The firm had revenue of $672.67 million for the quarter, compared to analyst estimates of $676.83 million.

SouthState Bank Stock Performance

SSB stock traded down $1.02 during mid-day trading on Thursday, hitting $101.17. 1,025,048 shares of the company were exchanged, compared to its average volume of 845,116. SouthState Bank has a 1-year low of $84.47 and a 1-year high of $108.46. The stock has a market capitalization of $9.88 billion, a PE ratio of 10.91 and a beta of 0.70. The business has a 50 day simple moving average of $97.54 and a 200-day simple moving average of $97.65. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.04.

Insider Buying and Selling at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the business’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the sale, the director owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. The trade was a 52.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. MML Investors Services LLC increased its holdings in SouthState Bank by 5.9% in the fourth quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock valued at $222,000 after purchasing an additional 131 shares during the period. UMB Bank n.a. acquired a new stake in shares of SouthState Bank in the fourth quarter valued at about $155,000. State of Wyoming raised its position in shares of SouthState Bank by 92.3% during the fourth quarter. State of Wyoming now owns 1,096 shares of the company’s stock worth $103,000 after acquiring an additional 526 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of SouthState Bank in the third quarter worth approximately $121,000. Finally, B. Riley Wealth Advisors Inc. acquired a new position in shares of SouthState Bank in the second quarter worth approximately $218,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SSB. UBS Group cut shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price for the company. in a research note on Tuesday, July 7th. DA Davidson reaffirmed a “buy” rating and set a $125.00 price target on shares of SouthState Bank in a research report on Wednesday, June 10th. Weiss Ratings upgraded shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 14th. Barclays decreased their price objective on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a research report on Tuesday, July 7th. Finally, Fundamental Research set a $120.00 price objective on shares of SouthState Bank in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $117.50.

SouthState Bank Company Profile

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.