SouthState (NASDAQ:SSB) Posts Earnings Results, Beats Expectations By $0.03 EPS

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

SouthState Trading Down 1.3 %

NASDAQ:SSB traded down $1.01 during midday trading on Friday, hitting $77.95. The stock had a trading volume of 466,802 shares, compared to its average volume of 417,040. SouthState has a one year low of $59.51 and a one year high of $87.77. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of 12.13 and a beta of 0.74. The stock has a 50-day moving average of $81.55 and a 200 day 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.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. DA Davidson reissued a “buy” rating and set a $102.00 price objective (up from $96.00) on shares of SouthState in a research note on Monday, January 29th. UBS Group boosted their price objective on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. Raymond James cut SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. Finally, Truist Financial reduced their price objective on SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $87.80.

Insider Buying and Selling

In related news, COO Renee R. Brooks sold 4,025 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $85.62, for a total value of $344,620.50. Following the transaction, the chief operating officer now owns 31,747 shares of the company’s stock, valued at $2,718,178.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other SouthState news, COO Renee R. Brooks sold 4,025 shares of the company’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $85.62, for a total transaction of $344,620.50. Following the completion of the sale, the chief operating officer now owns 31,747 shares in the company, valued at $2,718,178.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the sale, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. 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 over the last quarter. 1.26% of the stock is owned by corporate insiders.

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.