SouthState (NASDAQ:SSB) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

SouthState (NASDAQ:SSB) posted its quarterly earnings results on Thursday. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.03, Briefing.com reports. The firm had revenue of $415.49 million during the quarter, compared to the consensus estimate of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.32%. The company’s revenue was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.93 earnings per share.

SouthState Stock Performance

SouthState stock opened at $77.89 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a market cap of $5.94 billion, a price-to-earnings ratio of 12.71 and a beta of 0.74. The firm has a 50 day simple moving average of $81.40 and a 200-day simple moving average of $78.88. SouthState has a 1-year low of $59.51 and a 1-year high of $87.77.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 10th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 2.67%. SouthState’s dividend payout ratio (DPR) is 33.93%.

Analyst Ratings Changes

SSB has been the subject of a number of recent research reports. UBS Group boosted 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. Truist Financial reduced their price target on SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. DA Davidson reaffirmed a “buy” rating and set a $102.00 price target (up from $96.00) on shares of SouthState in a research report on Monday, January 29th. Finally, Raymond James downgraded SouthState from an “outperform” rating to a “market perform” rating in a research report on Friday, January 5th. One investment 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 data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $87.80.

Insider Buying and Selling

In related news, President Richard Iv Murray sold 4,900 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the completion of the transaction, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other SouthState news, 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 value of $344,620.50. Following the completion of the transaction, the chief operating officer now owns 31,747 shares of the company’s stock, valued at approximately $2,718,178.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 transaction of $401,065.00. Following the completion of the transaction, the president now directly owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,925 shares of company stock valued at $988,686. Company insiders own 1.26% of the company’s stock.

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.