DA Davidson Has Pessimistic View of SouthState Q1 Earnings

SouthState Co. (NASDAQ:SSB - Free Report) - Analysts at DA Davidson decreased their Q1 2025 earnings estimates for shares of SouthState in a report issued on Wednesday, April 2nd. DA Davidson analyst G. Tenner now expects that the bank will earn $1.10 per share for the quarter, down from their previous estimate of $1.11. The consensus estimate for SouthState's current full-year earnings is $8.12 per share. DA Davidson also issued estimates for SouthState's FY2025 earnings at $7.51 EPS and FY2026 earnings at $9.20 EPS.

A number of other research analysts have also commented on SSB. UBS Group started coverage on shares of SouthState in a research note on Tuesday, December 17th. They issued a "buy" rating and a $132.00 price objective on the stock. Raymond James upgraded SouthState from an "outperform" rating to a "strong-buy" rating and dropped their price target for the company from $120.00 to $115.00 in a research report on Wednesday, April 2nd. Barclays assumed coverage on SouthState in a research report on Tuesday, April 1st. They set an "overweight" rating and a $120.00 price objective for the company. Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Finally, Stephens reissued an "overweight" rating and set a $130.00 price target on shares of SouthState in a report on Friday, March 7th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $118.40.

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SouthState Stock Performance

Shares of SSB stock traded up $0.10 during trading hours on Thursday, hitting $82.16. The stock had a trading volume of 290,357 shares, compared to its average volume of 603,295. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market capitalization of $8.33 billion, a PE ratio of 11.79 and a beta of 0.65. The stock's 50 day moving average is $97.45 and its 200 day moving average is $100.19. SouthState has a twelve month low of $70.68 and a twelve month high of $114.27.

Hedge Funds Weigh In On SouthState

Several hedge funds and other institutional investors have recently modified their holdings of SSB. Summit Securities Group LLC purchased a new position in SouthState in the fourth quarter valued at approximately $38,000. Aquatic Capital Management LLC purchased a new position in shares of SouthState in the 4th quarter valued at $45,000. Quadrant Capital Group LLC lifted its holdings in shares of SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after acquiring an additional 99 shares in the last quarter. Versant Capital Management Inc boosted its position in SouthState by 577.4% during the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock worth $53,000 after purchasing an additional 485 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in SouthState by 181.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock valued at $54,000 after purchasing an additional 378 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at SouthState

In other news, Director G Stacy Smith acquired 3,100 shares of the company's stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the acquisition, the director now directly owns 36,779 shares in the company, valued at approximately $3,442,514.40. This represents a 9.20 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO William E. V. Matthews sold 6,531 shares of the business's stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the sale, the chief financial officer now directly owns 34,107 shares of the company's stock, valued at approximately $3,693,447.03. This trade represents a 16.07 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.70% of the company's stock.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date was Friday, February 7th. SouthState's dividend payout ratio is presently 31.03%.

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.