SouthState (NASDAQ:SSB) Announces Earnings Results

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

SouthState Stock Performance

Shares of NASDAQ SSB traded down $1.07 during trading on Friday, reaching $77.89. 466,802 shares of the company traded hands, compared to its average volume of 417,040. The firm has a 50 day simple moving average of $81.55 and a 200-day simple moving average of $78.81. 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 stock has a market capitalization of $5.94 billion, a PE ratio of 12.13 and a beta of 0.74. SouthState has a 52-week low of $59.51 and a 52-week high of $87.77.

Insider Activity

In other news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the sale, the insider now owns 35,828 shares in the company, valued at $2,902,068. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, President Richard Iv Murray sold 4,900 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the completion of the sale, the president now directly owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the sale, the insider now owns 35,828 shares of the company’s stock, valued at $2,902,068. 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 90 days. 1.26% of the stock is currently owned by insiders.

Analyst Ratings Changes

SSB has been the topic of a number of analyst reports. UBS Group upped their price objective on shares of SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, January 29th. Raymond James lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Friday, January 5th. DA Davidson reissued a “buy” rating and issued a $102.00 price target (up previously from $96.00) on shares of SouthState in a research report on Monday, January 29th. Finally, Truist Financial reduced their price objective on shares of SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $87.80.

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.