Q2 2024 EPS Estimates for SouthState Co. Reduced by DA Davidson (NASDAQ:SSB)

SouthState Co. (NASDAQ:SSB) – Research analysts at DA Davidson cut their Q2 2024 earnings per share (EPS) estimates for shares of SouthState in a research report issued to clients and investors on Thursday, June 27th. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings of $1.52 per share for the quarter, down from their prior 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.

Other research analysts also recently issued research reports about the company. Keefe, Bruyette & Woods boosted their target price on SouthState from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 28th. Piper Sandler increased their price objective on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. Raymond James upgraded shares of 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. Finally, Truist Financial lowered their price target on shares of SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a report on Monday, April 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $91.00.

SouthState Trading Up 1.8 %

Shares of SouthState stock opened at $77.19 on Monday. The firm’s 50-day moving average price is $76.63 and its two-hundred day moving average price is $80.27. The company has a market capitalization of $5.88 billion, a price-to-earnings ratio of 12.59 and a beta of 0.68. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.05. SouthState has a 12-month low of $63.36 and a 12-month high of $87.77.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share 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 period in the previous year, the business earned $1.93 earnings per share. The firm’s quarterly revenue was down 8.2% on a year-over-year basis.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Parallel Advisors LLC raised its position in shares of SouthState by 544.0% during the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after acquiring an additional 272 shares during the last quarter. Fidelis Capital Partners LLC acquired a new stake in SouthState during the 1st quarter worth about $30,000. TFO Wealth Partners LLC raised its position in shares of SouthState by 13,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after acquiring an additional 402 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after purchasing an additional 333 shares during the period. Finally, International Assets Investment Management LLC boosted its position in shares of SouthState by 8,346.7% during the 4th quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock valued at $107,000 after purchasing an additional 1,252 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 10th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend was Thursday, May 9th. SouthState’s payout ratio is currently 33.93%.

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.