SouthState (SSB) Scheduled to Post Quarterly Earnings on Wednesday

SouthState (NASDAQ:SSB) is set to announce its earnings results after the market closes on Wednesday, October 23rd. Analysts expect the company to announce earnings of $1.67 per share for the quarter. Persons that wish to register for the company’s earnings conference call can do so using this link.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The company had revenue of $425.48 million during the quarter, compared to the consensus estimate of $418.08 million. During the same quarter in the prior year, the firm posted $1.63 earnings per share. The firm’s revenue was down 3.1% compared to the same quarter last year. On average, analysts expect SouthState to post $7 EPS for the current fiscal year and $7 EPS for the next fiscal year.

SouthState Stock Down 1.5 %

NASDAQ:SSB opened at $101.43 on Monday. SouthState has a one year low of $63.36 and a one year high of $103.82. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market cap of $7.73 billion, a PE ratio of 16.55 and a beta of 0.67. The firm’s 50 day simple moving average is $95.55 and its 200 day simple moving average is $85.80.

SouthState Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from SouthState’s previous quarterly dividend of $0.23. SouthState’s payout ratio is 35.24%.

Insider Activity at SouthState

In other news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the insider now owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on SSB shares. DA Davidson increased their target price on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Truist Financial increased their price objective on shares of SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Stephens boosted their target price on shares of SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Hovde Group increased their price target on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Finally, Citigroup assumed coverage on SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $102.89.

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.