FY2024 Earnings Forecast for SouthState Co. (NASDAQ:SSB) Issued By DA Davidson

SouthState Co. (NASDAQ:SSB) – Stock analysts at DA Davidson decreased their FY2024 earnings per share (EPS) estimates for shares of SouthState in a note issued to investors on Wednesday, April 17th. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings of $6.49 per share for the year, down from their prior forecast of $7.19. 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 $6.63 per share.

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

SSB has been the topic of a number of other reports. Raymond James cut SouthState from an “outperform” rating to a “market perform” rating in a report on Friday, January 5th. UBS Group boosted their price target on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, January 29th. Finally, Truist Financial lowered their price target on SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $87.80.

SouthState Stock Up 2.0 %

SSB stock opened at $78.08 on Friday. SouthState has a twelve month low of $59.51 and a twelve month high of $87.77. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.06. The stock has a market cap of $5.95 billion, a P/E ratio of 12.09 and a beta of 0.74. The business’s 50-day moving average price is $81.77 and its 200-day moving average price is $78.45.

Hedge Funds Weigh In On SouthState

Several large investors have recently modified their holdings of SSB. Raymond James & Associates increased its position in shares of SouthState by 69.1% during the 1st quarter. Raymond James & Associates now owns 19,456 shares of the bank’s stock valued at $1,587,000 after purchasing an additional 7,949 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its position in SouthState by 51.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 22,450 shares of the bank’s stock valued at $1,832,000 after acquiring an additional 7,622 shares during the last quarter. HighTower Advisors LLC grew its position in SouthState by 119.0% in the 1st quarter. HighTower Advisors LLC now owns 8,239 shares of the bank’s stock valued at $673,000 after acquiring an additional 4,477 shares during the last quarter. Citigroup Inc. grew its position in SouthState by 29.1% in the 1st quarter. Citigroup Inc. now owns 26,907 shares of the bank’s stock valued at $2,194,000 after acquiring an additional 6,065 shares during the last quarter. Finally, Bank of Montreal Can bought a new position in SouthState in the 1st quarter valued at $204,000. Institutional investors own 89.76% of the company’s stock.

Insider Transactions at SouthState

In other news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the sale, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the sale, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Renee R. Brooks sold 4,025 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $85.62, for a total value of $344,620.50. Following the transaction, the chief operating officer now directly owns 31,747 shares in the company, valued at approximately $2,718,178.14. The disclosure for this sale can be found here. Insiders have sold 11,925 shares of company stock valued at $988,686 in the last ninety days. Corporate insiders own 1.26% of the company’s stock.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Friday, February 9th were issued a dividend of $0.52 per share. The ex-dividend date was Thursday, February 8th. This represents a $2.08 annualized dividend and a dividend yield of 2.66%. SouthState’s dividend payout ratio (DPR) is 32.20%.

SouthState Company Profile

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.