SouthState (NASDAQ:SSB) Releases 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) announced its quarterly earnings data on Thursday. The bank reported $2.30 EPS 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 company had revenue of $840.50 million for the quarter, compared to the consensus estimate of $645.12 million. During the same period in the prior year, the firm posted $1.74 EPS.

SouthState Stock Performance

NASDAQ:SSB traded up $0.63 during trading hours on Friday, reaching $98.53. The company had a trading volume of 2,018,645 shares, compared to its average volume of 945,762. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market cap of $10.00 billion, a PE ratio of 14.16 and a beta of 0.77. The business's 50 day moving average price is $91.75 and its 200-day moving average price is $93.33. SouthState has a 1-year low of $77.74 and a 1-year high of $114.26.

SouthState Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, August 8th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Friday, August 8th. This is an increase from SouthState's previous quarterly dividend of $0.54. This represents a $2.40 dividend on an annualized basis and a yield of 2.44%. SouthState's payout ratio is presently 35.77%.

Wall Street Analysts Forecast Growth

SSB has been the topic of a number of recent analyst reports. Truist Financial initiated coverage on shares of SouthState in a research note on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price on the stock. Stephens reaffirmed an "overweight" rating and set a $119.00 price objective on shares of SouthState in a report on Monday, April 28th. Jefferies Financial Group started coverage on shares of SouthState in a report on Wednesday, May 21st. They set a "buy" rating and a $110.00 price objective for the company. DA Davidson cut their price objective on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 28th. Finally, Hovde Group increased their price objective on shares of SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a report on Friday. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, SouthState presently has an average rating of "Buy" and an average price target of $115.82.

Institutional Inflows and Outflows

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

About SouthState

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.

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