SouthState (NASDAQ:SSB) Releases Earnings Results, Beats Expectations By $0.03 EPS

SouthState (NASDAQ:SSB) posted its earnings results on Thursday. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03, Briefing.com reports. SouthState had a return on equity of 9.85% and a net margin of 22.15%. The business had revenue of $415.49 million during the quarter, compared to analyst estimates of $414.32 million. During the same quarter last year, the firm earned $1.93 earnings per share. The company’s revenue for the quarter was down 8.2% compared to the same quarter last year.

SouthState Stock Performance

NASDAQ:SSB traded down $1.07 during trading hours on Friday, reaching $77.89. 466,802 shares of the stock were exchanged, compared to its average volume of 417,040. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.06. The firm has a 50 day simple moving average of $81.55 and a 200-day simple moving average of $78.81. SouthState has a 52 week low of $59.51 and a 52 week high of $87.77. The stock has a market capitalization of $5.94 billion, a P/E ratio of 12.13 and a beta of 0.74.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. Truist Financial lowered their price objective on SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a research note on Monday, April 1st. UBS Group raised their price objective on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, January 29th. Finally, DA Davidson restated a “buy” rating and set a $102.00 price objective (up previously from $96.00) on shares of SouthState in a research note on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $87.80.

Insiders Place Their Bets

In other SouthState news, COO Renee R. Brooks sold 4,025 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $85.62, for a total transaction of $344,620.50. Following the transaction, the chief operating officer now owns 31,747 shares of the company’s stock, valued at approximately $2,718,178.14. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, President Richard Iv Murray sold 4,900 shares of the firm’s 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 sale, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Renee R. Brooks sold 4,025 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $85.62, for a total value of $344,620.50. Following the completion of the sale, the chief operating officer now directly owns 31,747 shares in the company, valued at approximately $2,718,178.14. The disclosure for this sale can be found here. Insiders have sold a total of 11,925 shares of company stock valued at $988,686 in the last quarter. Insiders own 1.26% of the company’s stock.

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.