DA Davidson Brokers Decrease Earnings Estimates for SouthState Co. (NASDAQ:SSB)

SouthState Co. (NASDAQ:SSB - Free Report) - Research analysts at DA Davidson decreased their Q1 2024 earnings per share estimates for shares of SouthState in a report issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings per share of $1.54 for the quarter, down from their previous forecast of $1.56. DA Davidson currently has a "Buy" rating and a $102.00 target price on the stock. The consensus estimate for SouthState's current full-year earnings is $6.63 per share. DA Davidson also issued estimates for SouthState's FY2025 earnings at $7.31 EPS.

Several other research analysts also recently weighed in on the company. Truist Financial cut their price target on SouthState from $90.00 to $89.00 and set a "hold" rating for the company in a research note on Monday, April 1st. UBS Group raised their target price on SouthState from $88.00 to $90.00 and gave the stock a "neutral" rating in a research note on Monday, January 29th. Finally, Raymond James downgraded SouthState from an "outperform" rating to a "market perform" rating in a research note on Friday, January 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, SouthState currently has a consensus rating of "Hold" and a consensus price target of $87.80.

SouthState Stock Performance

Shares of SSB stock traded up $0.52 on Thursday, hitting $76.61. 414,951 shares of the stock were exchanged, compared to its average volume of 408,890. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $5.84 billion, a PE ratio of 11.86 and a beta of 0.74. SouthState has a one year low of $59.51 and a one year high of $87.77. The firm's 50 day moving average is $81.86 and its two-hundred day moving average is $78.36.

SouthState (NASDAQ:SSB - Get Free Report) last posted its quarterly earnings results on Thursday, January 25th. The bank reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.13. The company had revenue of $419.72 million during the quarter, compared to the consensus estimate of $419.08 million. SouthState had a return on equity of 9.85% and a net margin of 22.15%.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Friday, February 9th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.72%. SouthState's dividend payout ratio (DPR) is presently 32.20%.

Insider Activity

In other news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the completion of the sale, the insider now owns 35,828 shares in the company, valued at approximately $2,902,068. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, President Richard Iv Murray sold 4,900 shares of the firm's stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total transaction of $401,065.00. Following the transaction, the president now directly owns 58,968 shares of the company's stock, valued at approximately $4,826,530.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Daniel E. Bockhorst sold 3,000 shares of the firm's stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares in the company, valued at $2,902,068. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,925 shares of company stock worth $988,686. 1.26% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SouthState

A number of large investors have recently modified their holdings of the company. Parallel Advisors LLC increased its stake in SouthState by 544.0% in the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank's stock worth $27,000 after purchasing an additional 272 shares during the period. TFO Wealth Partners LLC grew its position in shares of SouthState by 13,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank's stock worth $34,000 after buying an additional 402 shares during the last quarter. Covestor Ltd grew its position in shares of SouthState by 50.5% in the 3rd quarter. Covestor Ltd now owns 638 shares of the bank's stock worth $43,000 after buying an additional 214 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in shares of SouthState by 37.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 591 shares of the bank's stock worth $45,000 after buying an additional 161 shares during the last quarter. Finally, Ensign Peak Advisors Inc bought a new stake in shares of SouthState in the 1st quarter worth approximately $54,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.