SouthState (NASDAQ:SSB) Issues Quarterly Earnings Results, Beats Estimates By $0.25 EPS

SouthState (NASDAQ:SSB) announced its earnings results on Wednesday. The bank reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.25, Zacks reports. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The company had revenue of $425.48 million during the quarter, compared to analyst estimates of $418.08 million. During the same period in the previous year, the business earned $1.63 earnings per share. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year.

SouthState Stock Up 3.0 %

Shares of NASDAQ SSB traded up $2.89 on Friday, reaching $100.18. 751,155 shares of the company’s stock traded hands, compared to its average volume of 672,189. SouthState has a 12 month low of $63.36 and a 12 month high of $100.46. The business’s 50 day simple moving average is $78.87 and its two-hundred day simple moving average is $80.46. The company has a market cap of $7.63 billion, a price-to-earnings ratio of 16.35 and a beta of 0.68. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 0.12.

SouthState Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, August 9th will be paid a dividend of $0.54 per share. This is an increase from SouthState’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.16%. SouthState’s dividend payout ratio (DPR) is currently 33.93%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Piper Sandler upped their price target on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, May 29th. Raymond James upgraded shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target for the company in a research report on Tuesday, May 21st. Truist Financial cut their price target on shares of SouthState from $84.00 to $81.00 and set a “hold” rating for the company in a research report on Monday, July 8th. Keefe, Bruyette & Woods upped their price target on shares of SouthState from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, May 28th. Finally, Stephens restated an “equal weight” rating and set a $88.00 price target on shares of SouthState in a research report on Thursday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, SouthState has an average rating of “Hold” and a consensus price target of $93.43.

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.