SouthState Bank (NYSE:SSB – Get Free Report) posted its quarterly earnings results on Wednesday. The company reported $2.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.40 by ($0.10), FiscalAI reports. The firm had revenue of $685.43 million during the quarter, compared to the consensus estimate of $691.13 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%.
SouthState Bank Trading Down 0.1%
Shares of SSB stock traded down $0.06 on Wednesday, reaching $102.56. The company had a trading volume of 1,053,016 shares, compared to its average volume of 819,511. The company has a 50-day moving average of $104.32 and a 200-day moving average of $100.71. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The stock has a market cap of $9.95 billion, a PE ratio of 10.78 and a beta of 0.78. SouthState Bank has a 12 month low of $84.47 and a 12 month high of $112.20.
Insider Buying and Selling at SouthState Bank
In related news, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the transaction, the chief financial officer directly owned 40,568 shares in the company, valued at approximately $4,419,072.24. This trade represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Brooks sold 24,650 shares of SouthState Bank stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the completion of the sale, the director owned 7,900 shares in the company, valued at $869,000. The trade was a 75.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 34,831 shares of company stock worth $3,814,274 over the last ninety days. 1.70% of the stock is currently owned by insiders.
Analyst Ratings Changes
A number of research analysts have issued reports on the stock. Fundamental Research set a $120.00 target price on shares of SouthState Bank in a research report on Wednesday, July 1st. TD Cowen reduced their target price on shares of SouthState Bank from $120.00 to $116.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Weiss Ratings reissued a “buy (b)” rating on shares of SouthState Bank in a research note on Monday, October 12th. Stephens restated an “overweight” rating and issued a $116.00 price objective on shares of SouthState Bank in a report on Monday, July 27th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of SouthState Bank from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, October 1st. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, SouthState Bank presently has a consensus rating of “Buy” and a consensus price target of $118.54.
Check Out Our Latest Research Report on SouthState Bank
SouthState Bank Company Profile
SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.
SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.
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