Q2 2024 Earnings Estimate for SouthState Co. (NASDAQ:SSB) Issued By DA Davidson

SouthState Co. (NASDAQ:SSB) – DA Davidson dropped their Q2 2024 EPS estimates for shares of SouthState in a report released on Thursday, June 27th. DA Davidson analyst G. Tenner now forecasts that the bank will earn $1.52 per share for the quarter, down from their previous forecast 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.

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

SouthState Stock Performance

SouthState stock opened at $76.42 on Monday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.90 and a quick ratio of 0.89. SouthState has a 1-year low of $63.36 and a 1-year high of $87.77. The firm has a market capitalization of $5.82 billion, a P/E ratio of 12.47 and a beta of 0.71. The company’s 50-day moving average is $76.75 and its 200 day moving average is $80.41.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The firm had revenue of $415.49 million during the quarter, compared to the consensus estimate of $414.32 million. During the same quarter last year, the firm earned $1.93 EPS. The firm’s revenue for the quarter was down 8.2% compared to the same quarter last year.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 10th were paid a dividend of $0.52 per share. The ex-dividend date was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.72%. SouthState’s dividend payout ratio is currently 33.93%.

Institutional Trading of SouthState

Institutional investors and hedge funds have recently modified their holdings of the stock. Hancock Whitney Corp acquired a new position in SouthState during the first quarter worth about $564,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of SouthState by 6.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,792 shares of the bank’s stock worth $4,234,000 after acquiring an additional 2,899 shares during the last quarter. Gamco Investors INC. ET AL lifted its holdings in shares of SouthState by 2.8% in the 1st quarter. Gamco Investors INC. ET AL now owns 53,466 shares of the bank’s stock worth $4,546,000 after acquiring an additional 1,458 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in shares of SouthState by 1.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 78,788 shares of the bank’s stock worth $6,699,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Bessemer Group Inc. lifted its holdings in shares of SouthState by 7.1% in the 1st quarter. Bessemer Group Inc. now owns 159,277 shares of the bank’s stock worth $13,544,000 after acquiring an additional 10,504 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

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.