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

SouthState Co. (NASDAQ:SSB) – Equities researchers at DA Davidson reduced their Q1 2024 EPS estimates for shares of SouthState in a research note issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings of $1.54 per share for the quarter, down from their previous forecast of $1.56. DA Davidson has a “Buy” rating and a $102.00 price objective 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.

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

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

SouthState Trading Down 0.6 %

Shares of SouthState stock opened at $75.99 on Thursday. The company has a fifty day simple moving average of $81.92 and a 200-day simple moving average of $78.38. 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. The stock has a market cap of $5.79 billion, a price-to-earnings ratio of 11.76 and a beta of 0.74.

Hedge Funds Weigh In On SouthState

A number of large investors have recently bought and sold shares of SSB. BlackRock Inc. raised its position in SouthState by 65.4% during the 1st quarter. BlackRock Inc. now owns 8,927,017 shares of the bank’s stock worth $636,139,000 after buying an additional 3,528,828 shares during the last quarter. Bank of America Corp DE raised its position in SouthState by 166.6% during the 1st quarter. Bank of America Corp DE now owns 2,017,648 shares of the bank’s stock worth $143,778,000 after buying an additional 1,260,884 shares during the last quarter. Morgan Stanley raised its position in SouthState by 666.6% during the 4th quarter. Morgan Stanley now owns 1,329,194 shares of the bank’s stock worth $101,497,000 after buying an additional 1,155,800 shares during the last quarter. Vanguard Group Inc. raised its position in SouthState by 16.4% during the 1st quarter. Vanguard Group Inc. now owns 7,914,710 shares of the bank’s stock worth $645,762,000 after buying an additional 1,114,653 shares during the last quarter. Finally, State Street Corp raised its position in SouthState by 45.6% during the 1st quarter. State Street Corp now owns 3,402,771 shares of the bank’s stock worth $242,481,000 after buying an additional 1,066,192 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insider Activity at SouthState

In related news, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the sale, the president now owns 58,968 shares in the company, valued at approximately $4,826,530.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the sale, the president now owns 58,968 shares in the company, valued at approximately $4,826,530.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction 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 sale, the insider now owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The disclosure for this sale can be found here. Insiders sold a total of 11,925 shares of company stock worth $988,686 in the last 90 days. 1.70% of the stock is owned by insiders.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 16th. Investors of record on Friday, February 9th were given a $0.52 dividend. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $2.08 annualized dividend and a yield of 2.74%. SouthState’s dividend payout ratio (DPR) is 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.