FY2024 Earnings Forecast for SouthState Co. Issued By DA Davidson (NASDAQ:SSB)

SouthState Co. (NASDAQ:SSB - Free Report) - Investment analysts at DA Davidson cut their FY2024 earnings per share (EPS) estimates for 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 $6.49 for the year, down from their prior forecast of $7.19. DA Davidson has a "Buy" rating and a $102.00 price target on the stock. The consensus estimate for SouthState's current full-year earnings is $6.63 per share.

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

SouthState Price Performance

SSB traded up $1.56 during midday trading on Friday, reaching $78.08. 661,692 shares of the company's stock were exchanged, compared to its average volume of 412,216. The firm has a market capitalization of $5.95 billion, a price-to-earnings ratio of 12.09 and a beta of 0.74. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.06. SouthState has a one year low of $59.51 and a one year high of $87.77. The business has a 50-day simple moving average of $81.77 and a two-hundred day simple moving average of $78.45.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC grew its holdings in SouthState by 544.0% during the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank's stock worth $27,000 after acquiring an additional 272 shares during the period. TFO Wealth Partners LLC grew its holdings in SouthState by 13,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank's stock worth $34,000 after acquiring an additional 402 shares during the period. Rockefeller Capital Management L.P. grew its holdings in SouthState by 37.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 591 shares of the bank's stock worth $45,000 after acquiring an additional 161 shares during the period. Covestor Ltd grew its holdings in SouthState by 50.5% during the 3rd quarter. Covestor Ltd now owns 638 shares of the bank's stock worth $43,000 after acquiring an additional 214 shares during the period. Finally, Ensign Peak Advisors Inc acquired a new stake in SouthState during the 1st quarter worth $54,000. Institutional investors own 89.76% of the company's stock.

Insider Activity

In related news, COO Renee R. Brooks sold 4,025 shares of the business's stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $85.62, for a total value of $344,620.50. Following the completion of the transaction, the chief operating officer now owns 31,747 shares in the company, valued at approximately $2,718,178.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, President Richard Iv Murray sold 4,900 shares of the business's stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the transaction, the president now owns 58,968 shares in the company, valued at approximately $4,826,530.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Renee R. Brooks sold 4,025 shares of the business's stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $85.62, for a total transaction of $344,620.50. Following the completion of the transaction, the chief operating officer now owns 31,747 shares of the company's stock, valued at approximately $2,718,178.14. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,925 shares of company stock worth $988,686. Insiders own 1.26% of the company's stock.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Friday, February 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date was Thursday, February 8th. SouthState's dividend payout ratio (DPR) is currently 32.20%.

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.