SouthState Bank (NYSE:SSB) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

SouthState Bank (NYSE:SSB) issued its earnings results on Thursday. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04, FiscalAI reports. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. The business had revenue of $672.67 million for the quarter, compared to analyst estimates of $676.83 million.

SouthState Bank Stock Performance

Shares of NYSE SSB traded down $1.02 during midday trading on Thursday, hitting $101.17. 1,025,073 shares of the company’s stock were exchanged, compared to its average volume of 845,116. SouthState Bank has a twelve month low of $84.47 and a twelve month high of $108.46. The firm has a market cap of $9.88 billion, a P/E ratio of 10.91 and a beta of 0.70. The stock’s 50 day moving average price is $97.54 and its 200-day moving average price is $97.65. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92.

Insider Buying and Selling

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the sale, the director owned 12,700 shares of the company’s stock, valued at $1,249,553. The trade was a 52.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SSB. Measured Wealth Private Client Group LLC bought a new position in SouthState Bank during the 3rd quarter valued at $51,000. Danske Bank A S acquired a new stake in shares of SouthState Bank in the third quarter valued at $59,000. Johnson Financial Group Inc. acquired a new stake in shares of SouthState Bank in the third quarter valued at $72,000. Los Angeles Capital Management LLC bought a new position in SouthState Bank during the fourth quarter valued at about $83,000. Finally, Empowered Funds LLC bought a new position in SouthState Bank during the fourth quarter valued at about $83,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SSB shares. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. Fundamental Research set a $120.00 price objective on SouthState Bank in a research note on Wednesday, July 1st. JPMorgan Chase & Co. boosted their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Wall Street Zen upgraded shares of SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Finally, Citigroup decreased their price target on shares of SouthState Bank from $116.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, June 25th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $117.50.

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.