FY2024 EPS Estimates for SouthState Co. (NASDAQ:SSB) Decreased by DA Davidson

SouthState Co. (NASDAQ:SSB) – DA Davidson reduced their FY2024 earnings estimates for SouthState in a research note issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now expects that the bank will earn $6.49 per share for the year, down from their previous forecast of $7.19. DA Davidson has a “Buy” rating and a $102.00 price target on the stock. The consensus estimate for SouthState’s current full-year earnings is $6.63 per share.

Several other brokerages also recently commented on SSB. UBS Group boosted their target price on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. Truist Financial lowered their target price on SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Finally, Raymond James downgraded SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $87.80.

SouthState Stock Up 0.7 %

Shares of NASDAQ SSB opened at $76.61 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.06. The company has a market cap of $5.84 billion, a price-to-earnings ratio of 11.11 and a beta of 0.74. SouthState has a 12 month low of $59.51 and a 12 month high of $87.77. The stock has a 50-day moving average price of $81.86 and a two-hundred day moving average price of $78.36.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Thursday, January 25th. The bank reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.13. SouthState had a net margin of 22.15% and a return on equity of 9.85%. The business had revenue of $419.72 million during the quarter, compared to analysts’ expectations of $419.08 million.

Hedge Funds Weigh In On SouthState

Large investors have recently modified their holdings of the company. Parallel Advisors LLC lifted its holdings in shares of SouthState by 544.0% in the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after purchasing an additional 272 shares in the last quarter. TFO Wealth Partners LLC raised its position in SouthState by 13,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after buying an additional 402 shares during the last quarter. Covestor Ltd raised its position in SouthState by 50.5% in the 3rd quarter. Covestor Ltd now owns 638 shares of the bank’s stock valued at $43,000 after buying an additional 214 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in SouthState by 37.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 591 shares of the bank’s stock valued at $45,000 after buying an additional 161 shares during the last quarter. Finally, Ensign Peak Advisors Inc purchased a new stake in SouthState in the 1st quarter valued at $54,000. 89.76% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares in the company, valued at approximately $2,902,068. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares in the company, valued at approximately $2,902,068. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Richard Iv Murray sold 4,900 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the transaction, the president now owns 58,968 shares in the company, valued at $4,826,530.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,925 shares of company stock worth $988,686. Corporate insiders own 1.26% of the company’s stock.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Friday, February 9th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date was Thursday, February 8th. SouthState’s payout ratio is 32.20%.

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.