DA Davidson Comments on SouthState Co.’s FY2023 Earnings (NASDAQ:SSB)

Posted by Defense World Staff on Nov 5th, 2023

SouthState Co. (NASDAQ:SSB – Free Report) – Equities researchers at DA Davidson lowered their FY2023 earnings per share (EPS) estimates for shares of SouthState in a research report issued on Thursday, November 2nd. DA Davidson analyst K. Fitzsimmons now anticipates that the bank will earn $6.70 per share for the year, down from their prior forecast of $6.94. The consensus estimate for SouthState’s current full-year earnings is $6.75 per share. DA Davidson also issued estimates for SouthState’s Q4 2023 earnings at $1.52 EPS and FY2024 earnings at $6.73 EPS.

Several other research firms have also recently issued reports on SSB. Raymond James cut their target price on SouthState from $85.00 to $80.00 and set an “outperform” rating for the company in a research note on Monday, October 30th. StockNews.com initiated coverage on SouthState in a research note on Thursday, October 5th. They issued a “sell” rating for the company. Finally, Truist Financial cut SouthState from a “buy” rating to a “hold” rating and dropped their price objective for the company from $86.00 to $73.00 in a research note on Wednesday, September 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, SouthState has a consensus rating of “Hold” and an average price target of $80.50.

Check Out Our Latest Stock Analysis on SouthState

SouthState Stock Up 3.2 %

Shares of SSB opened at $72.88 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.07. SouthState has a 12 month low of $59.51 and a 12 month high of $91.45. The stock’s 50 day moving average is $68.59 and its two-hundred day moving average is $69.08. The firm has a market cap of $5.54 billion, a P/E ratio of 10.49 and a beta of 0.79.

SouthState (NASDAQ:SSB – Get Free Report) last posted its earnings results on Friday, October 27th. The bank reported $1.62 EPS for the quarter, missing the consensus estimate of $1.63 by ($0.01). The company had revenue of $573.36 million for the quarter, compared to analyst estimates of $429.70 million. SouthState had a return on equity of 10.38% and a net margin of 24.84%. During the same period last year, the business earned $1.89 earnings per share.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 17th. Investors of record on Friday, November 10th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $2.08 dividend on an annualized basis and a yield of 2.85%. SouthState’s dividend payout ratio (DPR) is 29.93%.

Hedge Funds Weigh In On SouthState

A number of large investors have recently bought and sold shares of SSB. Russell Investments Group Ltd. raised its holdings in shares of SouthState by 0.3% during the second quarter. Russell Investments Group Ltd. now owns 43,740 shares of the bank’s stock valued at $2,878,000 after buying an additional 146 shares during the last quarter. Creative Planning grew its position in SouthState by 2.8% in the second quarter. Creative Planning now owns 5,466 shares of the bank’s stock worth $422,000 after buying an additional 151 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in SouthState by 37.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 591 shares of the bank’s stock worth $45,000 after buying an additional 161 shares during the last quarter. Sheets Smith Wealth Management grew its position in SouthState by 3.0% during the 3rd quarter. Sheets Smith Wealth Management now owns 5,863 shares of the bank’s stock worth $395,000 after purchasing an additional 171 shares in the last quarter. Finally, Allworth Financial LP grew its position in SouthState by 23.7% during the 1st quarter. Allworth Financial LP now owns 912 shares of the bank’s stock worth $65,000 after purchasing an additional 175 shares in the last quarter. Institutional investors own 88.47% of the company’s stock.

About SouthState

(Get Free Report)

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.