SouthState Co. (NASDAQ:SSB) to Post Q2 2024 Earnings of $1.52 Per Share, DA Davidson Forecasts

SouthState Co. (NASDAQ:SSB) – Equities research analysts at DA Davidson lowered their Q2 2024 earnings per share estimates for shares of SouthState in a report released on Thursday, June 27th. DA Davidson analyst G. Tenner now forecasts that the bank will earn $1.52 per share for the quarter, down from their previous estimate of $1.55. The consensus estimate for SouthState’s current full-year earnings is $6.33 per share. DA Davidson also issued estimates for SouthState’s FY2024 earnings at $6.40 EPS.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The company had revenue of $415.49 million during the quarter, compared to the consensus estimate of $414.32 million. During the same quarter in the prior year, the firm earned $1.93 EPS. SouthState’s quarterly revenue was down 8.2% on a year-over-year basis.

A number of other brokerages also recently commented on SSB. Truist Financial lowered their price objective on SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a research report on Monday, April 29th. Raymond James upgraded shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target for the company in a report on Tuesday, May 21st. Piper Sandler raised their price objective on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, May 29th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of SouthState from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $91.00.

SouthState Stock Performance

SouthState stock opened at $75.80 on Monday. The firm has a 50 day simple moving average of $76.68 and a 200-day simple moving average of $80.33. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a market cap of $5.78 billion, a price-to-earnings ratio of 12.37 and a beta of 0.68. SouthState has a 1-year low of $63.36 and a 1-year high of $87.77.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Friday, May 10th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend was Thursday, May 9th. SouthState’s payout ratio is currently 33.93%.

Institutional Investors Weigh In On SouthState

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in SouthState by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock worth $713,461,000 after buying an additional 54,147 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in SouthState by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,882,211 shares of the bank’s stock valued at $243,408,000 after purchasing an additional 94,637 shares during the period. Franklin Resources Inc. increased its position in SouthState by 26.8% during the fourth quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock worth $186,485,000 after purchasing an additional 466,144 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in SouthState by 0.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,123,353 shares of the bank’s stock worth $95,519,000 after purchasing an additional 6,070 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of SouthState by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,005,187 shares of the bank’s stock valued at $84,888,000 after purchasing an additional 25,328 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

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.