SouthState Bank (SSB) to Release Earnings on Wednesday

SouthState Bank (NYSE:SSB) is anticipated to release its results after the market closes on Wednesday, October 22nd. Analysts expect SouthState Bank to post earnings of $2.17 per share and revenue of $660.4050 million for the quarter.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, July 24th. The company reported $2.30 earnings per share for the quarter, topping analysts’ consensus estimates of $2.00 by $0.30. SouthState Bank had a net margin of 19.27% and a return on equity of 10.23%. The company had revenue of $664.77 million during the quarter, compared to analyst estimates of $639.47 million.

SouthState Bank Stock Up 2.3%

Shares of NYSE SSB opened at $94.62 on Tuesday. SouthState Bank has a twelve month low of $77.74 and a twelve month high of $114.26. The stock has a market cap of $9.58 billion, a price-to-earnings ratio of 14.10 and a beta of 0.68. The stock has a 50 day moving average price of $99.29. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.93 and a current ratio of 0.94.

SouthState Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 8th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, August 8th. This is an increase from SouthState Bank’s previous quarterly dividend of $0.54. SouthState Bank’s dividend payout ratio (DPR) is presently 35.77%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SSB shares. TD Cowen started coverage on shares of SouthState Bank in a research report on Thursday, September 25th. They issued a “buy” rating and a $127.00 target price for the company. Barclays lifted their target price on shares of SouthState Bank from $117.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, July 28th. Zacks Research downgraded shares of SouthState Bank from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 15th. Hovde Group lifted their target price on shares of SouthState Bank from $97.00 to $105.00 and gave the stock a “market perform” rating in a research report on Friday, July 25th. Finally, Wall Street Zen raised shares of SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, July 27th. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $117.08.

Insider Activity

In other SouthState Bank news, Director Janet P. Froetscher acquired 3,338 shares of the business’s stock in a transaction dated Wednesday, July 30th. The stock was purchased at an average price of $97.31 per share, with a total value of $324,820.78. Following the transaction, the director directly owned 8,294 shares in the company, valued at approximately $807,089.14. The trade was a 67.35% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Daniel E. Bockhorst sold 5,000 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $99.60, for a total transaction of $498,000.00. Following the sale, the insider directly owned 31,785 shares of the company’s stock, valued at approximately $3,165,786. The trade was a 13.59% decrease in their position. The disclosure for this sale can be found here. Insiders acquired a total of 8,338 shares of company stock valued at $786,321 in the last 90 days. Company insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On SouthState Bank

A number of hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its position in shares of SouthState Bank by 17.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 947,963 shares of the company’s stock valued at $87,241,000 after acquiring an additional 142,536 shares during the period. Bank of America Corp DE boosted its holdings in SouthState Bank by 12.9% in the 2nd quarter. Bank of America Corp DE now owns 797,342 shares of the company’s stock worth $73,379,000 after buying an additional 91,360 shares during the period. Jane Street Group LLC boosted its holdings in SouthState Bank by 810.7% in the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock worth $69,548,000 after buying an additional 672,721 shares during the period. AQR Capital Management LLC boosted its holdings in SouthState Bank by 134.2% in the 2nd quarter. AQR Capital Management LLC now owns 330,037 shares of the company’s stock worth $30,354,000 after buying an additional 189,108 shares during the period. Finally, Balyasny Asset Management L.P. bought a new position in SouthState Bank in the 2nd quarter worth $17,028,000. Institutional investors own 89.76% of the company’s stock.

SouthState Bank 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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.