SouthState Co. (NASDAQ:SSB) Expected to Post Earnings of $1.54 Per Share

Brokerages expect SouthState Co. (NASDAQ:SSBGet Rating) to announce $1.54 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for SouthState’s earnings, with estimates ranging from $1.43 to $1.61. SouthState reported earnings of $1.87 per share in the same quarter last year, which suggests a negative year-over-year growth rate of 17.6%. The business is expected to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that SouthState will report full-year earnings of $6.36 per share for the current financial year, with EPS estimates ranging from $5.80 to $7.00. For the next fiscal year, analysts forecast that the firm will post earnings of $7.31 per share, with EPS estimates ranging from $6.75 to $7.95. Zacks’ earnings per share averages are an average based on a survey of research firms that that provide coverage for SouthState.

SouthState (NASDAQ:SSBGet Rating) last released its quarterly earnings results on Thursday, April 28th. The bank reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.38. SouthState had a net margin of 30.19% and a return on equity of 10.33%. The company had revenue of $347.56 million for the quarter, compared to the consensus estimate of $349.97 million. During the same period in the previous year, the firm earned $2.17 EPS. SouthState’s revenue was down 3.0% on a year-over-year basis.

A number of research firms have commented on SSB. Zacks Investment Research upgraded shares of SouthState from a “hold” rating to a “buy” rating and set a $93.00 price target on the stock in a research report on Wednesday, March 30th. StockNews.com upgraded shares of SouthState from a “sell” rating to a “hold” rating in a research report on Monday, May 2nd. Raymond James boosted their price target on shares of SouthState from $92.00 to $93.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 6th. Finally, Stephens lifted their price objective on shares of SouthState from $76.00 to $84.50 and gave the stock an “equal weight” rating in a research note on Wednesday, January 26th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $84.54.

In other news, Director Ernest S. Pinner sold 1,111 shares of SouthState stock in a transaction that occurred on Monday, February 28th. The shares were sold at an average price of $90.00, for a total value of $99,990.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Douglas Lloyd Williams sold 4,950 shares of SouthState stock in a transaction that occurred on Tuesday, March 29th. The stock was sold at an average price of $85.02, for a total transaction of $420,849.00. The disclosure for this sale can be found here. Insiders sold a total of 7,831 shares of company stock worth $667,280 in the last ninety days. Corporate insiders own 1.88% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in SSB. Morgan Stanley grew its position in SouthState by 136.0% during the second quarter. Morgan Stanley now owns 230,801 shares of the bank’s stock valued at $18,871,000 after purchasing an additional 133,023 shares in the last quarter. PNC Financial Services Group Inc. grew its position in SouthState by 9.2% during the third quarter. PNC Financial Services Group Inc. now owns 12,077 shares of the bank’s stock valued at $902,000 after purchasing an additional 1,014 shares in the last quarter. Advisor Group Holdings Inc. grew its position in SouthState by 18.0% during the third quarter. Advisor Group Holdings Inc. now owns 8,605 shares of the bank’s stock valued at $642,000 after purchasing an additional 1,313 shares in the last quarter. Swiss National Bank grew its position in SouthState by 0.4% during the third quarter. Swiss National Bank now owns 157,037 shares of the bank’s stock valued at $11,726,000 after purchasing an additional 600 shares in the last quarter. Finally, Synovus Financial Corp grew its position in SouthState by 2.4% during the third quarter. Synovus Financial Corp now owns 11,050 shares of the bank’s stock valued at $823,000 after purchasing an additional 264 shares in the last quarter. 86.23% of the stock is currently owned by hedge funds and other institutional investors.

Shares of SSB stock traded up $0.94 during midday trading on Friday, reaching $75.40. 289,289 shares of the company were exchanged, compared to its average volume of 382,442. SouthState has a 12 month low of $62.60 and a 12 month high of $93.34. The company has a market cap of $5.69 billion, a P/E ratio of 12.48 and a beta of 0.81. The company’s 50 day moving average price is $80.54 and its two-hundred day moving average price is $82.60. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.86 and a current ratio of 0.83.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 20th. Stockholders of record on Friday, May 13th will be paid a $0.49 dividend. The ex-dividend date of this dividend is Thursday, May 12th. This represents a $1.96 annualized dividend and a dividend yield of 2.60%. SouthState’s dividend payout ratio is currently 32.45%.

SouthState Company Profile (Get Rating)

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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.

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Earnings History and Estimates for SouthState (NASDAQ:SSB)

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