SouthState Bank (NYSE:SSB) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS
by Renee Jackson · The Cerbat GemSouthState Bank (NYSE:SSB – Get Free Report) announced its quarterly earnings data on Thursday. The company reported $2.28 EPS for the quarter, beating the consensus estimate of $2.19 by $0.09, FiscalAI reports. The firm had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.29 million. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.
SouthState Bank Trading Up 0.6%
SSB stock traded up $0.56 during trading on Thursday, hitting $98.11. 976,920 shares of the company traded hands, compared to its average volume of 867,977. The firm has a market capitalization of $9.62 billion, a PE ratio of 12.48 and a beta of 0.75. SouthState Bank has a 1 year low of $84.47 and a 1 year high of $108.46. The company has a 50-day moving average of $96.41 and a 200-day 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.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on SSB shares. Stephens increased their price objective on SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Barclays increased their price objective on SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Jefferies Financial Group increased their price objective on SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. TD Cowen increased their price objective on SouthState Bank from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Finally, Weiss Ratings upgraded SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $118.71.
View Our Latest Stock Report on SouthState Bank
Institutional Investors Weigh In On SouthState Bank
Several institutional investors have recently bought and sold shares of the stock. MML Investors Services LLC boosted its holdings in SouthState Bank by 5.9% during the 4th quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock valued at $222,000 after acquiring an additional 131 shares during the period. Vident Advisory LLC boosted its holdings in SouthState Bank by 8.5% during the 2nd quarter. Vident Advisory LLC now owns 3,143 shares of the company’s stock valued at $289,000 after acquiring an additional 246 shares during the period. Vise Technologies Inc. boosted its holdings in SouthState Bank by 7.2% during the 4th quarter. Vise Technologies Inc. now owns 4,664 shares of the company’s stock valued at $439,000 after acquiring an additional 314 shares during the period. Inspire Investing LLC boosted its holdings in SouthState Bank by 12.1% during the 4th quarter. Inspire Investing LLC now owns 3,469 shares of the company’s stock valued at $326,000 after acquiring an additional 374 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its holdings in SouthState Bank by 0.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 47,110 shares of the company’s stock valued at $4,658,000 after acquiring an additional 405 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.
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.