SouthState Bank (NYSE:SSB) Issues Quarterly Earnings Results, Beats Expectations By $0.17 EPS

SouthState Bank (NYSE:SSB) posted its earnings results on Thursday. The company reported $2.47 EPS for the quarter, topping the consensus estimate of $2.30 by $0.17, FiscalAI reports. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. The business had revenue of $686.87 million for the quarter, compared to the consensus estimate of $667.88 million.

SouthState Bank Stock Up 0.2%

SSB traded up $0.23 during trading on Thursday, hitting $100.80. 815,587 shares of the company’s stock were exchanged, compared to its average volume of 623,449. SouthState Bank has a fifty-two week low of $77.74 and a fifty-two week high of $109.64. The company has a market cap of $10.13 billion, a PE ratio of 13.86 and a beta of 0.74. The firm’s 50 day moving average price is $93.82. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SSB. UBS Group cut their target price on SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Stephens cut their price objective on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of SouthState Bank in a research report on Monday, December 29th. Citigroup dropped their price target on shares of SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Finally, DA Davidson decreased their price objective on shares of SouthState Bank from $117.00 to $112.00 and set a “buy” rating for the company in a research report on Friday, October 24th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $115.07.

Institutional Trading of SouthState Bank

Several institutional investors and hedge funds have recently modified their holdings of the stock. Measured Wealth Private Client Group LLC purchased a new position in shares of SouthState Bank during the third quarter valued at approximately $51,000. Danske Bank A S purchased a new position in SouthState Bank during the 3rd quarter worth $59,000. Johnson Financial Group Inc. purchased a new position in SouthState Bank during the 3rd quarter worth $72,000. Advisory Services Network LLC bought a new stake in shares of SouthState Bank in the 3rd quarter worth $121,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of SouthState Bank by 31.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock valued at $176,000 after purchasing an additional 452 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

About SouthState Bank

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.