SouthState (NASDAQ:SSB) Announces Earnings Results

SouthState (NASDAQ:SSB) released its quarterly earnings results on Wednesday. The bank reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.23, Briefing.com reports. The company had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The business’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.62 earnings per share.

SouthState Stock Performance

Shares of SSB stock traded down $0.65 during midday trading on Wednesday, hitting $96.55. 731,154 shares of the company were exchanged, compared to its average volume of 479,085. The firm has a market capitalization of $7.36 billion, a P/E ratio of 15.86 and a beta of 0.67. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. SouthState has a 52 week low of $63.36 and a 52 week high of $103.82. The firm’s 50 day moving average price is $95.92 and its two-hundred day moving average price is $86.03.

Analysts Set New Price Targets

A number of research firms have recently commented on SSB. Truist Financial increased their price objective on shares of SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Stephens boosted their price target on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Citigroup started coverage on SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective for the company. DA Davidson raised their target price on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Hovde Group lifted their price objective on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $102.89.

Insiders Place Their Bets

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the insider now owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the sale, the insider now owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

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.