SouthState (NASDAQ:SSB) Issues Quarterly Earnings Results

SouthState (NASDAQ:SSB) posted its quarterly earnings data on Wednesday. The bank reported $1.79 EPS for the quarter, beating the consensus estimate of $1.54 by $0.25, Zacks reports. The firm had revenue of $425.48 million during the quarter, compared to the consensus estimate of $418.08 million. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.63 EPS.

SouthState Price Performance

NASDAQ:SSB traded up $5.58 during trading hours on Thursday, reaching $97.29. 1,306,984 shares of the company traded hands, compared to its average volume of 478,526. The firm’s 50-day moving average is $78.14 and its 200-day moving average is $80.22. The stock has a market cap of $7.41 billion, a P/E 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 1-year low of $63.36 and a 1-year high of $97.83.

SouthState Increases Dividend

The business also recently announced a dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, August 9th will be issued a dividend of $0.54 per share. The ex-dividend date is Friday, August 9th. This is a boost from SouthState’s previous dividend of $0.23. SouthState’s dividend payout ratio is 33.93%.

Wall Street Analyst Weigh In

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

SouthState Company Profile

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.