SouthState (NASDAQ:SSB) Posts Earnings Results, Beats Estimates By $0.25 EPS

SouthState (NASDAQ:SSB) released its earnings results on Wednesday. The bank reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25, Zacks reports. The firm had revenue of $425.48 million for the quarter, compared to analyst estimates of $418.08 million. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The company’s revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.63 EPS.

SouthState Stock Performance

Shares of SSB traded up $5.58 on Thursday, reaching $97.29. 1,306,984 shares of the stock traded hands, compared to its average volume of 478,526. The firm has a market cap of $7.41 billion, a price-to-earnings ratio of 15.88 and a beta of 0.68. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.90 and a quick ratio of 0.89. SouthState has a 12 month low of $63.36 and a 12 month high of $97.83. The stock’s 50-day moving average price is $78.14 and its 200-day moving average price is $80.22.

SouthState Increases Dividend

The company also recently disclosed a dividend, which will be paid on Friday, August 16th. Stockholders of record on Friday, August 9th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, August 9th. This is a boost from SouthState’s previous dividend of $0.23. SouthState’s payout ratio is currently 33.93%.

Analyst Ratings Changes

Several research analysts have commented on the company. Piper Sandler lifted their price target on SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 29th. Stephens reaffirmed an “equal weight” rating and issued a $88.00 price target on shares of SouthState in a research report on Thursday. Raymond James raised SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target on the stock in a research report on Tuesday, May 21st. Keefe, Bruyette & Woods lifted their price target on SouthState from $92.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 28th. Finally, Truist Financial dropped their price target on SouthState from $84.00 to $81.00 and set a “hold” rating on the stock in a research report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $92.00.

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.