SouthState Co. (NASDAQ:SSB) Expected to Earn Q2 2024 Earnings of $1.52 Per Share

SouthState Co. (NASDAQ:SSB) – Research analysts at DA Davidson lowered their Q2 2024 EPS estimates for shares of SouthState in a research report issued to clients and investors on Thursday, June 27th. DA Davidson analyst G. Tenner now expects that the bank will earn $1.52 per share for the quarter, down from their previous estimate of $1.55. The consensus estimate for SouthState’s current full-year earnings is $6.33 per share. DA Davidson also issued estimates for SouthState’s FY2024 earnings at $6.40 EPS.

SouthState (NASDAQ:SSB) last issued its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.03. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The firm had revenue of $415.49 million for the quarter, compared to the consensus estimate of $414.32 million. During the same period in the prior year, the business posted $1.93 earnings per share. The company’s revenue for the quarter was down 8.2% on a year-over-year basis.

Several other research analysts also recently commented on SSB. Raymond James raised shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target on the stock in a research note on Tuesday, May 21st. Piper Sandler raised their target price on shares of SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 29th. Keefe, Bruyette & Woods raised their price target on SouthState from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, May 28th. Finally, Truist Financial reduced their price target on shares of SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a report on Monday, April 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, SouthState presently has a consensus rating of “Hold” and a consensus target price of $91.00.

SouthState Stock Up 1.8 %

NASDAQ:SSB opened at $77.19 on Monday. The company has a market cap of $5.88 billion, a price-to-earnings ratio of 12.59 and a beta of 0.68. SouthState has a twelve month low of $63.36 and a twelve month high of $87.77. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.05. The stock has a fifty day simple moving average of $76.63 and a 200-day simple moving average of $80.27.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in SouthState in the fourth quarter valued at about $75,485,000. Franklin Resources Inc. grew its position in SouthState by 26.8% during the 4th quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock worth $186,485,000 after purchasing an additional 466,144 shares during the last quarter. Jupiter Asset Management Ltd. increased its stake in SouthState by 270.2% during the 1st quarter. Jupiter Asset Management Ltd. now owns 353,700 shares of the bank’s stock valued at $30,075,000 after purchasing an additional 258,168 shares in the last quarter. Capital World Investors raised its holdings in shares of SouthState by 31.8% in the fourth quarter. Capital World Investors now owns 620,510 shares of the bank’s stock worth $52,402,000 after buying an additional 149,745 shares during the last quarter. Finally, Capital International Investors lifted its stake in shares of SouthState by 24.2% during the fourth quarter. Capital International Investors now owns 596,520 shares of the bank’s stock worth $50,376,000 after buying an additional 116,313 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Friday, May 10th were paid a $0.52 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 2.69%. SouthState’s dividend payout ratio (DPR) is 33.93%.

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.