SouthState Bank (NYSE:SSB) Announces Earnings Results
by Amy Steele · The Cerbat GemSouthState Bank (NYSE:SSB – Get Free Report) posted its quarterly earnings data on Thursday. The company reported $2.28 EPS for the quarter, topping the consensus estimate of $2.21 by $0.07, FiscalAI reports. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.The firm had revenue of $661.70 million for the quarter, compared to the consensus estimate of $669.29 million. During the same quarter last year, the company earned $0.87 earnings per share.
SouthState Bank Price Performance
Shares of SouthState Bank stock traded up $0.56 on Thursday, hitting $98.11. 976,920 shares of the company traded hands, compared to its average volume of 867,977. SouthState Bank has a 52 week low of $84.47 and a 52 week high of $108.46. The business has a 50-day simple moving average of $96.41 and a 200 day simple moving average of $95.44. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a market capitalization of $9.62 billion, a P/E ratio of 12.48 and a beta of 0.75.
Hedge Funds Weigh In On SouthState Bank
Several institutional investors have recently bought and sold shares of SSB. MML Investors Services LLC lifted its stake in SouthState Bank by 5.9% in the 4th quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock worth $222,000 after purchasing an additional 131 shares in the last quarter. Vident Advisory LLC increased its holdings in shares of SouthState Bank by 8.5% in the second quarter. Vident Advisory LLC now owns 3,143 shares of the company’s stock worth $289,000 after purchasing an additional 246 shares during the last quarter. Vise Technologies Inc. increased its holdings in shares of SouthState Bank by 7.2% in the fourth quarter. Vise Technologies Inc. now owns 4,664 shares of the company’s stock worth $439,000 after purchasing an additional 314 shares during the last quarter. Inspire Investing LLC lifted its position in shares of SouthState Bank by 12.1% in the fourth quarter. Inspire Investing LLC now owns 3,469 shares of the company’s stock worth $326,000 after buying an additional 374 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its position in shares of SouthState Bank by 0.9% in the third quarter. Public Employees Retirement System of Ohio now owns 47,110 shares of the company’s stock worth $4,658,000 after buying an additional 405 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on SSB shares. Citigroup increased their target price on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Hovde Group upgraded shares of SouthState Bank from a “market perform” rating to an “outperform” rating and set a $110.00 price target for the company in a research report on Thursday, March 19th. Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. DA Davidson raised their price objective on shares of SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Finally, Jefferies Financial Group lifted their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, SouthState Bank presently has a consensus rating of “Buy” and a consensus price target of $118.71.
View Our Latest Stock Report on SouthState Bank
About SouthState Bank
SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.
In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.