SouthState Bank Corp (NYSE:SSB) reported better-than-expected second-quarter earnings, after the closing bell on Thursday.
SouthState reported quarterly earnings of $2.35 per share which beat the analyst consensus estimate of $2.30 per share. The company reported quarterly sales of $673.000 million which missed the analyst consensus estimate of $676.934 million.
SouthState Bank raised its quarterly dividend from 60 cents to 66 cents per share.
“We continue to make progress on our priorities of balance sheet growth, opportunistic hiring, active share repurchases and building our artificial intelligence capabilities,” said John C. Corbett, SouthState’s Chief Executive Officer. “The second quarter featured solid loan growth, a stable net interest margin, unchanged deposit costs, and improved efficiency. Asset quality trends also improved, with a decline in non-accruals and charge-offs of just 6 basis points. Over the past year, we’ve retired nearly 5% of our share count, raised our dividend by 11% and grown tangible book value by 13%. We remain focused on delivering for our shareholders.”
SouthState Bank shares rose 0.8% to trade at $106.03 on Monday.
These analysts made changes to their price targets on SouthState Bank following earnings announcement.
- Citigroup analyst Benjamin Gerlinger maintained the stock with a Buy and raised the price target from $115 to $126.
- TD Cowen analyst Janet Lee maintained the stock with a Buy and raised the price target from $114 to $120.
- Truist Securities analyst John McDonald maintained the stock with a Buy and raised the price target from $108 to $118.
- Piper Sandler analyst Stephen Scouten, on Monday, maintained the stock with an Overweight rating and raised the price target from $120 to $125.
Considering buying SSB stock? Here’s what analysts think:
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