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

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

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

SouthState Stock Performance

NASDAQ:SSB opened at $76.61 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.06. SouthState has a 12-month low of $59.51 and a 12-month high of $87.77. The stock has a 50-day moving average price of $81.86 and a 200 day moving average price of $78.36. The stock has a market capitalization of $5.84 billion, a P/E ratio of 11.11 and a beta of 0.74.

SouthState (NASDAQ:SSB) last released its earnings results on Thursday, January 25th. The bank reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $419.08 million.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 16th. Investors of record on Friday, February 9th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend was Thursday, February 8th. SouthState’s payout ratio is presently 32.20%.

Insider Activity at SouthState

In other news, COO Renee R. Brooks sold 4,025 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $85.62, for a total value of $344,620.50. Following the completion of the sale, the chief operating officer now directly owns 31,747 shares of the company’s stock, valued at approximately $2,718,178.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Renee R. Brooks sold 4,025 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $85.62, for a total value of $344,620.50. Following the completion of the sale, the chief operating officer now directly owns 31,747 shares of the company’s stock, valued at approximately $2,718,178.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction that occurred 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 directly owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,925 shares of company stock valued at $988,686. Insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On SouthState

Hedge funds and other institutional investors have recently modified their holdings of the business. Parallel Advisors LLC raised its holdings in shares of SouthState by 544.0% in the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after buying an additional 272 shares during the period. TFO Wealth Partners LLC raised its holdings in shares of SouthState by 13,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after buying an additional 402 shares during the period. Rockefeller Capital Management L.P. raised its holdings in shares of SouthState by 37.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 591 shares of the bank’s stock worth $45,000 after buying an additional 161 shares during the period. Covestor Ltd raised its holdings in shares of SouthState by 50.5% in the third quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after buying an additional 214 shares during the period. Finally, Ensign Peak Advisors Inc purchased a new stake in shares of SouthState in the first quarter worth approximately $54,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

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.