SouthState Bank (NYSE:SSB) Posts Earnings Results, Beats Estimates By $0.38 EPS

Key Points

• SouthState Bank reported a quarterly earnings per share (EPS) of $2.58, exceeding the consensus estimate of $2.17 by $0.41.
• The bank also announced an increase in its quarterly dividend from $0.54 to $0.60, resulting in an annualized dividend of $2.40 and a yield of 2.6%.
• Analysts have a strong overall positive outlook on the stock, with a consensus rating of "Buy" and an average price target of $117.08.

SouthState Bank (NYSE:SSB - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.20 by $0.38, Zacks reports. SouthState Bank had a net margin of 19.27% and a return on equity of 10.23%. During the same quarter in the prior year, the firm earned $1.90 earnings per share.

SouthState Bank Trading Down 0.7%

Shares of NYSE SSB traded down $0.69 during midday trading on Wednesday, hitting $93.88. 715,315 shares of the company's stock were exchanged, compared to its average volume of 882,411. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04. The firm has a fifty day moving average price of $99.27. The stock has a market capitalization of $9.50 billion, a P/E ratio of 13.99 and a beta of 0.68. SouthState Bank has a 12-month low of $77.74 and a 12-month high of $114.26.

SouthState Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from SouthState Bank's previous quarterly dividend of $0.54. This represents a $2.40 annualized dividend and a dividend yield of 2.6%. SouthState Bank's payout ratio is presently 35.77%.

Insider Buying and Selling at SouthState Bank

In other SouthState Bank news, insider Daniel E. Bockhorst sold 5,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $99.60, for a total value of $498,000.00. Following the completion of the transaction, the insider owned 31,785 shares of the company's stock, valued at $3,165,786. The trade was a 13.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director G Stacy Smith acquired 2,500 shares of the stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $92.30 per share, for a total transaction of $230,750.00. Following the transaction, the director owned 39,546 shares in the company, valued at approximately $3,650,095.80. This represents a 6.75% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 8,338 shares of company stock worth $786,321 over the last three months. 1.70% of the stock is owned by insiders.

Hedge Funds Weigh In On SouthState Bank

Large investors have recently modified their holdings of the company. Jane Street Group LLC lifted its holdings in shares of SouthState Bank by 810.7% in the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company's stock worth $69,548,000 after acquiring an additional 672,721 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of SouthState Bank by 134.2% during the 2nd quarter. AQR Capital Management LLC now owns 330,037 shares of the company's stock valued at $30,354,000 after purchasing an additional 189,108 shares during the last quarter. Balyasny Asset Management L.P. purchased a new position in SouthState Bank in the 2nd quarter worth $17,028,000. The Manufacturers Life Insurance Company raised its position in SouthState Bank by 17.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 947,963 shares of the company's stock worth $87,241,000 after purchasing an additional 142,536 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new stake in SouthState Bank in the second quarter worth $12,960,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SSB shares. Cowen assumed coverage on SouthState Bank in a report on Wednesday, September 24th. They set a "buy" rating for the company. Citigroup reissued a "buy" rating and issued a $117.00 price objective (up previously from $113.00) on shares of SouthState Bank in a report on Monday, July 28th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of SouthState Bank in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of SouthState Bank from a "sell" rating to a "hold" rating in a research report on Sunday, July 27th. Finally, National Bankshares set a $127.00 price target on shares of SouthState Bank in a research report on Wednesday, September 24th. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, SouthState Bank currently has a consensus rating of "Buy" and an average price target of $117.08.

SouthState Bank 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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.