DA Davidson Forecasts SouthState FY2025 Earnings

SouthState Co. (NASDAQ:SSB - Free Report) - DA Davidson issued their FY2025 earnings per share (EPS) estimates for shares of SouthState in a research note issued on Tuesday, January 28th. DA Davidson analyst G. Tenner anticipates that the bank will earn $9.25 per share for the year. The consensus estimate for SouthState's current full-year earnings is $8.12 per share.

A number of other equities research analysts have also recently commented on SSB. Truist Financial lowered their target price on SouthState from $111.00 to $103.00 and set a "hold" rating on the stock in a research note on Monday, October 28th. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Hovde Group cut SouthState from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th. UBS Group assumed coverage on SouthState in a research note on Tuesday, December 17th. They issued a "buy" rating and a $132.00 price objective on the stock. Finally, Stephens restated an "overweight" rating and issued a $130.00 price objective on shares of SouthState in a research note on Friday, January 24th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $115.44.

SouthState Stock Down 2.4 %

NASDAQ SSB traded down $2.49 on Thursday, reaching $103.11. The company had a trading volume of 629,955 shares, compared to its average volume of 1,109,655. SouthState has a 52-week low of $70.68 and a 52-week high of $114.26. The stock has a market capitalization of $7.87 billion, a P/E ratio of 14.81 and a beta of 0.70. The company's fifty day moving average is $103.34 and its 200 day moving average is $99.21. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

Institutional Investors Weigh In On SouthState

Hedge funds and other institutional investors have recently modified their holdings of the stock. BIP Wealth LLC grew its holdings in shares of SouthState by 605.2% during the third quarter. BIP Wealth LLC now owns 31,422 shares of the bank's stock worth $3,054,000 after purchasing an additional 26,966 shares in the last quarter. Stifel Financial Corp grew its holdings in shares of SouthState by 10.5% during the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank's stock worth $6,178,000 after purchasing an additional 6,062 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of SouthState by 2.5% during the third quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank's stock worth $39,736,000 after purchasing an additional 9,863 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of SouthState by 3.7% during the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank's stock worth $69,178,000 after purchasing an additional 25,495 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in shares of SouthState during the fourth quarter worth about $1,008,000. 89.76% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO William E. V. Matthews sold 6,531 shares of the company's stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total transaction of $707,241.99. Following the sale, the chief financial officer now directly owns 34,107 shares in the company, valued at $3,693,447.03. This represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.70% of the company's stock.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, February 7th will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend is Friday, February 7th. SouthState's dividend payout ratio is presently 31.03%.

SouthState 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 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.