SouthState (NASDAQ:SSB) Releases Quarterly Earnings Results, Beats Expectations By $0.32 EPS

Key Points

• SouthState reported quarterly earnings with an EPS of $2.30, exceeding estimates by $0.32, and generated revenue of $840.50 million compared to a forecast of $645.12 million.
• The bank has increased its quarterly dividend from $0.54 to $0.60, yielding approximately 2.44% annually.
• A recent analysis shows that the stock currently has an average rating of "Buy" with a price target of $115.82, indicating analyst optimism for future performance.

SouthState (NASDAQ:SSB - Get Free Report) posted its earnings results on Thursday. The bank reported $2.30 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.32, Briefing.com reports. SouthState had a net margin of 22.38% and a return on equity of 9.62%. The firm had revenue of $840.50 million during the quarter, compared to analyst estimates of $645.12 million. During the same period in the previous year, the firm earned $1.74 EPS.

SouthState Stock Up 0.2%

SSB traded up $0.19 on Wednesday, reaching $97.29. The company's stock had a trading volume of 156,556 shares, compared to its average volume of 944,188. The stock has a 50 day moving average of $92.00 and a two-hundred day moving average of $93.37. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $9.87 billion, a price-to-earnings ratio of 13.97 and a beta of 0.77. SouthState has a fifty-two week low of $77.74 and a fifty-two week high of $114.26.

SouthState Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 8th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.47%. This is an increase from SouthState's previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Friday, August 8th. SouthState's dividend payout ratio is 35.77%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on SSB shares. DA Davidson lifted their price target on shares of SouthState from $115.00 to $117.00 and gave the company a "buy" rating in a research note on Monday. Keefe, Bruyette & Woods reduced their price objective on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Citigroup restated a "buy" rating and issued a $117.00 price objective (up from $113.00) on shares of SouthState in a report on Monday. Raymond James Financial set a $110.00 price target on shares of SouthState in a research note on Monday, April 28th. Finally, Stephens reissued an "overweight" rating and set a $119.00 price objective on shares of SouthState in a research report on Monday, April 28th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $115.27.

Hedge Funds Weigh In On SouthState

A hedge fund recently raised its stake in SouthState stock. Jane Street Group LLC raised its position in SouthState Co. (NASDAQ:SSB - Free Report) by 4.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 82,984 shares of the bank's stock after buying an additional 3,678 shares during the quarter. Jane Street Group LLC owned approximately 0.08% of SouthState worth $7,703,000 as of its most recent filing with the Securities and Exchange Commission. 89.76% of the stock is owned by institutional investors and hedge funds.

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.