DA Davidson Issues Negative Outlook for SouthState Earnings

SouthState Co. (NASDAQ:SSB) – DA Davidson reduced their FY2025 earnings per share estimates for SouthState in a note issued to investors on Thursday, December 19th. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings per share of $7.59 for the year, down from their prior estimate of $7.77. The consensus estimate for SouthState’s current full-year earnings is $6.94 per share.

Several other equities analysts have also issued reports on the stock. UBS Group started coverage on shares of SouthState in a report on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price for the company. Piper Sandler raised their price objective on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Truist Financial reduced their price target on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, SouthState presently has a consensus rating of “Moderate Buy” and a consensus target price of $109.78.

SouthState Price Performance

SSB opened at $101.14 on Monday. SouthState has a 12-month low of $70.68 and a 12-month high of $114.26. The company has a market cap of $7.72 billion, a price-to-earnings ratio of 15.61 and a beta of 0.69. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The stock has a fifty day simple moving average of $104.81 and a two-hundred day simple moving average of $94.58.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same period last year, the company earned $1.62 EPS. The business’s quarterly revenue was down .4% compared to the same quarter last year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Nicholas Hoffman & Company LLC. raised its stake in shares of SouthState by 0.6% in the second quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock valued at $1,472,000 after acquiring an additional 123 shares during the period. Raymond James & Associates grew its holdings in SouthState by 0.6% during the 2nd quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock valued at $1,631,000 after purchasing an additional 126 shares during the last quarter. Chicago Partners Investment Group LLC raised its position in SouthState by 7.0% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock worth $274,000 after purchasing an additional 186 shares during the period. UMB Bank n.a. lifted its stake in SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after purchasing an additional 192 shares during the last quarter. Finally, KBC Group NV boosted its position in shares of SouthState by 16.3% during the third quarter. KBC Group NV now owns 2,296 shares of the bank’s stock valued at $223,000 after buying an additional 321 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.14%. SouthState’s payout ratio is 33.33%.

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.