SouthState (NASDAQ:SSB – Get Free Report) posted its quarterly earnings data on Wednesday. The bank reported $1.90 EPS for the quarter, topping the consensus estimate of $1.64 by $0.26, Briefing.com reports. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The firm had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. During the same quarter last year, the company earned $1.62 earnings per share. The business’s revenue for the quarter was down .4% compared to the same quarter last year.
SouthState Price Performance
SSB stock traded down $2.28 during trading on Friday, hitting $95.78. 471,420 shares of the company’s stock traded hands, compared to its average volume of 479,402. SouthState has a 52 week low of $64.81 and a 52 week high of $103.82. The stock has a market capitalization of $7.30 billion, a price-to-earnings ratio of 15.62 and a beta of 0.67. The business has a fifty day simple moving average of $96.35 and a 200 day simple moving average of $86.27. 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 Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Friday, November 8th. SouthState’s dividend payout ratio (DPR) is presently 35.24%.
Insider Transactions at SouthState
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the stock. Citigroup assumed coverage on shares of SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price for the company. Stephens increased their price objective on shares of SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Piper Sandler lifted their target price on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday. Keefe, Bruyette & Woods upped their target price on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Finally, Hovde Group raised their price target on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $104.44.
Read Our Latest Stock Analysis on SSB
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.
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