SouthState Co. (NASDAQ:SSB) is expected to report earnings of $1.25 per share
Wall Street analysts expect SouthState Co. (NASDAQ:SSB – Get Rating) to report earnings per share (EPS) of $1.25 for the current fiscal quarter, Zacks reports. Three analysts provided SouthState earnings estimates. The lowest EPS estimate is $1.22 and the highest is $1.32. SouthState reported earnings per share of $2.17 in the same quarter last year, suggesting a negative 42.4% year-over-year growth rate. The company is expected to release its next quarterly results on Monday, January 1.
According to Zacks, analysts expect SouthState to report annual earnings of $5.69 per share for the current year, with EPS estimates ranging from $5.55 to $5.80. For the next fiscal year, analysts expect the company to report earnings of $6.69 per share, with EPS estimates ranging from $6.60 to $6.75. Zacks Investment Research EPS averages are an average based on a survey of research companies that cover SouthState.
SouthState (NASDAQ:SSB – Get Rating) last reported quarterly earnings data on Monday, January 24. The bank reported earnings per share of $1.59 for the quarter, beating the consensus estimate of $1.52 by $0.07. The company posted revenue of $350.00 million in the quarter, versus a consensus estimate of $341.91 million. SouthState had a return on equity of 11.27% and a net margin of 33.04%. SouthState’s revenue for the quarter was down 3.7% year over year. During the same period of the previous year, the company achieved EPS of $1.44.
Several equity research analysts have recently commented on the company. Stephens raised his price target on SouthState from $76.00 to $84.50 and gave the stock an “equal weight” rating in a Wednesday, Jan. 26 research note. Raymond James raised its target price on SouthState from $90.00 to $92.00 and gave the company an “outperform” rating in a Tuesday, January 25 research report. Finally, Zacks Investment Research upgraded SouthState from a “buy” to a “hold” rating in a Friday, January 28 research report. Two investment analysts gave the stock a hold rating and three gave the stock a buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $85.34.
In other SouthState news, insider Greg A. Lapointe sold 1,470 shares in a trade dated Tuesday, March 8. The shares were sold at an average price of $82.15, for a total value of $120,760.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Additionally, manager Ernest S. Pinner sold 1,111 shares in a trade that took place on Monday, February 28. The shares were sold at an average price of $90.00, for a total transaction of $99,990.00. The disclosure of this sale can be found here. In the past 90 days, insiders have sold 4,335 shares of the company valued at $375,706. Insiders of the company hold 1.88% of the shares of the company.
Large investors have recently changed their positions in the stock. Liberty Wealth Management LLC increased its position in SouthState by 102.5% during the third quarter. Liberty Wealth Management LLC now owns 328 shares of the bank worth $26,000 after buying 166 additional shares in the last quarter. Trust Co. of Vermont acquired a new position in shares of SouthState in the fourth quarter valued at around $52,000. Andrew Hill Investment Advisors Inc. acquired a new position in shares of SouthState in the fourth quarter valued at approximately $53,000. UMB Bank NA MO bought a new stake in SouthState in the fourth quarter worth approximately $56,000. Finally, Rockefeller Capital Management LP increased its stake in SouthState by 31.1% in the fourth quarter. Rockefeller Capital Management LP now owns 730 shares of the bank valued at $58,000 after purchasing an additional 173 shares during the period. Hedge funds and other institutional investors hold 84.30% of the company’s shares.
Shares of SSB opened at $83.51 on Friday. SouthState has a 1-year low of $62.60 and a 1-year high of $93.34. The company has a debt ratio of 0.08, a current ratio of 0.87 and a quick ratio of 0.86. The company has a market capitalization of $5.74 billion, a price-earnings ratio of 12.45 and a beta of 0.85. The company has a 50-day moving average of $85.89 and a 200-day moving average of $80.89.
The company also recently declared a quarterly dividend, which was paid on Friday, February 18. Shareholders of record on Friday, February 11 received a dividend of $0.49 per share. The ex-dividend date was Thursday, February 10. This represents a dividend of $1.96 on an annualized basis and a yield of 2.35%. SouthState’s dividend payout ratio is currently 29.21%.
About Southern State (Get a rating)
SouthState Corporation operates as a bank holding company for SouthState Bank, a National Association which provides a range of personal and business banking services and products. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposit, money market accounts, and other term deposits.
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