SouthState Bank (SSB) to Release Quarterly Earnings on Wednesday

Key Points

• SouthState Bank (SSB) will release its quarterly earnings on Wednesday, October 22nd, with expected earnings of $2.17 per share and revenue of $660.4050 million.
• In the previous quarter, SSB reported earnings of $2.30 per share, surpassing estimates and generating a revenue of $664.77 million, indicating strong financial performance.
• The company recently increased its quarterly dividend to $0.60, reflecting a 2.4% dividend yield, up from the previous $0.54.

SouthState Bank (NYSE:SSB - Get Free Report) is projected to issue its results after the market closes on Wednesday, October 22nd. Analysts expect the company to announce earnings of $2.17 per share and revenue of $660.4050 million for the quarter.

SouthState Bank (NYSE:SSB - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $2.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.30. The company had revenue of $664.77 million during the quarter, compared to analysts' expectations of $639.47 million. SouthState Bank had a net margin of 19.27% and a return on equity of 10.23%.

SouthState Bank Price Performance

SouthState Bank stock opened at $98.90 on Wednesday. The stock has a market cap of $10.01 billion, a PE ratio of 14.74 and a beta of 0.68. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.93 and a current ratio of 0.94. SouthState Bank has a 1 year low of $77.74 and a 1 year high of $114.26. The firm has a 50-day moving average of $99.17.

SouthState Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, August 8th. This is a boost from SouthState Bank's previous quarterly dividend of $0.54. SouthState Bank's dividend payout ratio is currently 35.77%.

Insider Buying and Selling

In other news, Director G Stacy Smith acquired 2,500 shares of SouthState Bank stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $92.30 per share, for a total transaction of $230,750.00. Following the purchase, the director directly owned 39,546 shares in the company, valued at $3,650,095.80. The trade was a 6.75% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Janet P. Froetscher acquired 3,338 shares of SouthState Bank stock in a transaction that occurred on Wednesday, July 30th. The shares were purchased at an average price of $97.31 per share, with a total value of $324,820.78. Following the purchase, the director owned 8,294 shares in the company, valued at $807,089.14. This represents a 67.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 8,338 shares of company stock worth $786,321 in the last 90 days. 1.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. bought a new position in shares of SouthState Bank during the 2nd quarter worth approximately $218,000. Hudson Bay Capital Management LP acquired a new position in SouthState Bank during the 2nd quarter valued at approximately $1,447,000. FORA Capital LLC acquired a new position in SouthState Bank during the 2nd quarter valued at approximately $1,678,000. Tower Research Capital LLC TRC increased its stake in SouthState Bank by 606.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 62,130 shares of the company's stock valued at $5,718,000 after purchasing an additional 53,335 shares in the last quarter. Finally, Corient Private Wealth LLC increased its stake in SouthState Bank by 97.9% during the 2nd quarter. Corient Private Wealth LLC now owns 35,234 shares of the company's stock valued at $3,243,000 after purchasing an additional 17,426 shares in the last quarter. Institutional investors own 89.76% of the company's stock.

Wall Street Analysts Forecast Growth

SSB has been the subject of several research reports. DA Davidson upped their price target on shares of SouthState Bank from $115.00 to $117.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Hovde Group upped their price target on shares of SouthState Bank from $97.00 to $105.00 and gave the stock a "market perform" rating in a research report on Friday, July 25th. Cowen initiated coverage on shares of SouthState Bank in a research report on Wednesday, September 24th. They issued a "buy" rating for the company. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of SouthState Bank in a research report on Wednesday, October 8th. Finally, Citigroup reaffirmed a "buy" rating and issued a $117.00 price target (up previously from $113.00) on shares of SouthState Bank in a research report on Monday, July 28th. Three research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $117.08.

About SouthState Bank

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.

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