SouthState Bank (NYSE:SSB) Posts Earnings Results, Beats Expectations By $0.04 EPS

Key Points

• SouthState Bank beat earnings expectations for the quarter, reporting EPS of $2.35 versus the $2.31 consensus estimate. Revenue came in at $672.67 million, slightly below analyst expectations.
• The stock fell 1.0% on the day to $101.17 despite the earnings beat, with trading volume above its average level. The shares remain near their 50-day and 200-day moving averages.
• Analyst sentiment remains mostly positive, with a consensus rating of “Moderate Buy” and an average price target of $117.50, though several firms recently trimmed targets and UBS downgraded the stock to neutral.

SouthState Bank (NYSE:SSB - Get Free Report) issued its quarterly earnings results on Thursday. The company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04, FiscalAI reports. The business had revenue of $672.67 million for the quarter, compared to analyst estimates of $676.83 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.

SouthState Bank Stock Down 1.0%

Shares of SSB traded down $1.02 on Thursday, hitting $101.17. The company's stock had a trading volume of 1,025,048 shares, compared to its average volume of 845,116. The firm's fifty day moving average price is $97.54 and its 200-day moving average price is $97.65. SouthState Bank has a fifty-two week low of $84.47 and a fifty-two week high of $108.46. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $9.88 billion, a price-to-earnings ratio of 10.91 and a beta of 0.70.

Insider Buying and Selling at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the completion of the sale, the director owned 12,700 shares of the company's stock, valued at $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On SouthState Bank

Hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its stake in shares of SouthState Bank by 1.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,729,496 shares of the company's stock worth $445,101,000 after acquiring an additional 62,879 shares in the last quarter. Invesco Ltd. boosted its holdings in SouthState Bank by 3.6% during the fourth quarter. Invesco Ltd. now owns 1,647,727 shares of the company's stock worth $155,068,000 after purchasing an additional 56,693 shares during the last quarter. AQR Capital Management LLC grew its position in SouthState Bank by 269.4% in the third quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company's stock valued at $120,530,000 after purchasing an additional 889,042 shares in the last quarter. First Trust Advisors LP increased its stake in SouthState Bank by 17.7% in the 4th quarter. First Trust Advisors LP now owns 1,037,531 shares of the company's stock valued at $97,642,000 after buying an additional 156,022 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in SouthState Bank by 24.8% during the 4th quarter. Wellington Management Group LLP now owns 1,036,952 shares of the company's stock worth $97,588,000 after buying an additional 206,210 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

Wall Street Analyst Weigh In

SSB has been the subject of several analyst reports. TD Cowen lowered their price target on shares of SouthState Bank from $117.00 to $114.00 and set a "buy" rating for the company in a research report on Monday, April 27th. Truist Financial dropped their target price on shares of SouthState Bank from $110.00 to $108.00 and set a "buy" rating for the company in a research report on Monday, April 27th. UBS Group lowered SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 price target on the stock. in a research report on Tuesday, July 7th. Wall Street Zen upgraded SouthState Bank from a "sell" rating to a "hold" rating in a report on Sunday, May 17th. Finally, Barclays reduced their target price on SouthState Bank from $123.00 to $118.00 and set an "overweight" rating on the stock in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $117.50.

About SouthState Bank

SouthState Bank NYSE: SSB is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.

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