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

SouthState Co. (NASDAQ:SSB) – Equities research analysts at DA Davidson cut their Q1 2024 EPS estimates for shares of SouthState in a research note issued to investors on Wednesday, April 17th. DA Davidson analyst G. Tenner now forecasts that the bank will earn $1.54 per share for the quarter, down from their prior estimate of $1.56. 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. DA Davidson also issued estimates for SouthState’s FY2025 earnings at $7.31 EPS.

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

SouthState Stock Performance

Shares of SouthState stock opened at $78.08 on Thursday. The firm has a market cap of $5.95 billion, a PE ratio of 12.09 and a beta of 0.74. The firm’s 50-day simple moving average is $81.77 and its 200-day simple moving average is $78.45. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.88 and a current ratio of 0.89. SouthState has a 1 year low of $59.51 and a 1 year high of $87.77.

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

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Friday, February 9th were paid a $0.52 dividend. The ex-dividend date was Thursday, February 8th. This represents a $2.08 annualized dividend and a dividend yield of 2.66%. SouthState’s payout ratio is currently 32.20%.

Insider Buying and Selling at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the sale, the insider now owns 35,828 shares in the company, valued at $2,902,068. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the sale, the insider now owns 35,828 shares in the company, valued at $2,902,068. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Renee R. Brooks sold 4,025 shares of the firm’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 transaction of $344,620.50. Following the completion of the sale, the chief operating officer now owns 31,747 shares in the company, valued at approximately $2,718,178.14. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,925 shares of company stock worth $988,686. 1.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. State of Michigan Retirement System boosted its holdings in shares of SouthState by 2.7% in the first quarter. State of Michigan Retirement System now owns 18,700 shares of the bank’s stock valued at $1,590,000 after acquiring an additional 500 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of SouthState by 0.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,123,353 shares of the bank’s stock valued at $95,519,000 after acquiring an additional 6,070 shares in the last quarter. Fifth Third Wealth Advisors LLC bought a new position in shares of SouthState in the first quarter valued at approximately $2,754,000. Red Spruce Capital LLC boosted its holdings in shares of SouthState by 2.1% in the first quarter. Red Spruce Capital LLC now owns 30,070 shares of the bank’s stock valued at $2,557,000 after acquiring an additional 605 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in SouthState by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock worth $713,461,000 after buying an additional 54,147 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

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.