SouthState (SSB) Set to Announce Earnings on Thursday

Posted by Denise Davis on Jan 24th, 2023

SouthState (NASDAQ:SSB – Get Rating) is scheduled to be releasing its earnings data after the market closes on Thursday, January 26th. Analysts expect SouthState to post earnings of $2.06 per share for the quarter. Persons interested in registering for the company’s earnings conference call can do so using this link.

SouthState (NASDAQ:SSB – Get Rating) last issued its earnings results on Monday, October 24th. The bank reported $1.89 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.89. SouthState had a net margin of 29.04% and a return on equity of 10.05%. The business had revenue of $435.39 million for the quarter, compared to analysts’ expectations of $425.77 million. During the same quarter in the previous year, the firm posted $1.94 EPS. On average, analysts expect SouthState to post $7 EPS for the current fiscal year and $8 EPS for the next fiscal year.

SouthState Stock Performance

SSB stock traded down $1.46 during midday trading on Tuesday, reaching $76.16. 326,418 shares of the company’s stock traded hands, compared to its average volume of 453,895. The company has a 50-day moving average price of $80.31 and a two-hundred day moving average price of $81.90. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.83 and a current ratio of 0.83. SouthState has a 52 week low of $72.25 and a 52 week high of $91.74. The firm has a market capitalization of $5.77 billion, a PE ratio of 12.22 and a beta of 0.81.

Analyst Upgrades and Downgrades

SSB has been the topic of several research analyst reports. Raymond James upped their price target on shares of SouthState from $95.00 to $98.00 and gave the stock an “outperform” rating in a report on Wednesday, October 26th. StockNews.com initiated coverage on shares of SouthState in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Piper Sandler raised shares of SouthState from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $92.00 to $96.00 in a report on Wednesday, September 28th. Finally, Truist Financial decreased their price target on shares of SouthState from $103.00 to $96.00 in a report on Friday, December 9th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.25.

Insider Buying and Selling

In related news, Director G Ruffner Page, Jr. bought 6,300 shares of the business’s stock in a transaction that occurred on Tuesday, December 13th. The stock was bought at an average cost of $78.94 per share, for a total transaction of $497,322.00. Following the completion of the transaction, the director now owns 58,935 shares of the company’s stock, valued at $4,652,328.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other SouthState news, Director G Ruffner Page, Jr. purchased 6,300 shares of the business’s stock in a transaction on Tuesday, December 13th. The stock was acquired at an average cost of $78.94 per share, for a total transaction of $497,322.00. Following the completion of the transaction, the director now directly owns 58,935 shares in the company, valued at approximately $4,652,328.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Robert R. Hill, Jr. sold 11,365 shares of the company’s stock in a transaction dated Thursday, October 27th. The shares were sold at an average price of $88.31, for a total transaction of $1,003,643.15. Following the sale, the chairman now owns 77,393 shares of the company’s stock, valued at $6,834,575.83. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,249 shares of company stock worth $2,071,200. Corporate insiders own 1.88% of the company’s stock.

Institutional Trading of SouthState

Several institutional investors have recently added to or reduced their stakes in the business. Ensign Peak Advisors Inc bought a new position in shares of SouthState during the first quarter valued at about $54,000. Lazard Asset Management LLC bought a new position in shares of SouthState during the first quarter valued at about $76,000. FMR LLC raised its stake in shares of SouthState by 30.8% during the second quarter. FMR LLC now owns 1,580 shares of the bank’s stock valued at $122,000 after acquiring an additional 372 shares during the last quarter. Bank of Montreal Can bought a new position in shares of SouthState during the first quarter valued at about $204,000. Finally, Engineers Gate Manager LP bought a new position in shares of SouthState during the third quarter valued at about $238,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Company Profile

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South State Corp. is a bank and financial holding company, which engages in the provision of banking services and products to customers through its subsidiary. Its services include demand, time, and savings deposits, lending and credit card servicing, ATM processing, mortgage banking services, correspondent banking services and wealth management, and trust services.