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

SouthState Bank (NYSE:SSB) announced its quarterly earnings results on Wednesday. The company reported $2.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.10), FiscalAI reports. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The firm had revenue of $685.43 million during the quarter, compared to analysts’ expectations of $691.13 million.

SouthState Bank Stock Down 0.1%

NYSE SSB traded down $0.06 during midday trading on Wednesday, hitting $102.56. 1,053,016 shares of the company traded hands, compared to its average volume of 818,026. SouthState Bank has a 52 week low of $84.47 and a 52 week high of $112.20. The company’s 50-day simple moving average is $104.32 and its 200-day simple moving average is $100.71. The company has a market cap of $9.95 billion, a PE ratio of 10.78 and a beta of 0.78. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93.

Insider Buying and Selling at SouthState Bank

In related news, CFO William E. V. Matthews sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the sale, the chief financial officer directly owned 40,568 shares in the company, valued at $4,419,072.24. This represents a 8.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director David Brooks sold 24,650 shares of the firm’s stock in a transaction dated 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 sale, the director directly owned 7,900 shares in the company, valued at approximately $869,000. The trade was a 75.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 34,831 shares of company stock valued at $3,814,274. Corporate insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on SSB. Barclays lifted their target price on SouthState Bank from $118.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, October 5th. JPMorgan Chase & Co. dropped their price target on SouthState Bank from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, October 1st. Weiss Ratings restated a “buy (b)” rating on shares of SouthState Bank in a research note on Monday, October 12th. Piper Sandler lifted their price objective on SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Finally, Citigroup upped their price objective on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, SouthState Bank currently has a consensus rating of “Buy” and an average target price of $118.54.

SouthState Bank Company Profile

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.