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SSB

SouthStateNasdaqGS:SSB Stock Report

Market Cap

US$5.2b

7D

-6.9%

1Y

28.4%

Updated

27 Oct, 2021

Data

Company Financials +
SSB fundamental analysis
Snowflake Score
Valuation3/6
Future Growth1/6
Past Performance5/6
Financial Health6/6
Dividends5/6

SSB Overview

South State Corporation operates as the bank holding company for South State Bank that provides a range of banking services and products.

SouthState Competitors

First Horizon

NYSE:FHN

US$9.1b

Sterling Bancorp

NYSE:STL

US$5.2b

First Hawaiian

NasdaqGS:FHB

US$3.7b

First BanCorp

NYSE:FBP

US$3.0b

Price History & Performance

Summary of all time highs, changes and price drops for SouthState
Historical stock prices
Current Share PriceUS$74.32
52 Week HighUS$56.43
52 Week LowUS$93.26
Beta0.98
1 Month Change0.77%
3 Month Change5.28%
1 Year Change28.43%
3 Year Change9.83%
5 Year Change4.53%
Change since IPO496.36%

Recent News & Updates

Oct 04
Here's Why I Think SouthState (NASDAQ:SSB) Might Deserve Your Attention Today

Here's Why I Think SouthState (NASDAQ:SSB) Might Deserve Your Attention Today

It's only natural that many investors, especially those who are new to the game, prefer to buy shares in 'sexy' stocks...

Aug 10
South State (NASDAQ:SSB) Will Pay A Larger Dividend Than Last Year At US$0.49

South State (NASDAQ:SSB) Will Pay A Larger Dividend Than Last Year At US$0.49

South State Corporation ( NASDAQ:SSB ) has announced that it will be increasing its dividend on the 19th of August to...

Aug 09

South State: Building A Premier Southeast Bank

The recently announced acquisition of Atlantic Capital will create a strong foothold in the Atlanta Market. Strong demographic trends and positive economic momentum are likely to drive outsized loan growth. The opportunity to cut costs while growing loans is a one-two punch for material profitability improvement.

Shareholder Returns

SSBUS BanksUS Market
7D-6.9%2.0%0.9%
1Y28.4%81.9%33.4%

Return vs Industry: SSB underperformed the US Banks industry which returned 81.9% over the past year.

Return vs Market: SSB underperformed the US Market which returned 33.4% over the past year.

Price Volatility

Is SSB's price volatile compared to industry and market?
SSB volatility
SSB Beta0.98
Industry Beta1.32
Market Beta1

Stable Share Price: SSB is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: SSB's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19335,203John Corbetthttps://www.southstatebank.com

South State Corporation operates as the bank holding company for South State Bank that provides a range of banking services and products. The company accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, and other time deposits. It also offers commercial real estate loans, residential real estate loans, commercial, and industrial loans, as well as consumer loans, including auto, boat, and personal installment loans.

SouthState Fundamentals Summary

How do SouthState's earnings and revenue compare to its market cap?
SSB fundamental statistics
Market CapUS$5.21b
Earnings (TTM)US$427.37m
Revenue (TTM)US$1.51b

12.2x

P/E Ratio

1.1x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
SSB income statement (TTM)
RevenueUS$1.51b
Cost of RevenueUS$0
Gross ProfitUS$1.51b
ExpensesUS$1.08b
EarningsUS$427.37m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

Oct 27, 2021

Earnings per share (EPS)6.10
Gross Margin100.00%
Net Profit Margin28.34%
Debt/Equity Ratio36.4%

How did SSB perform over the long term?

See historical performance and comparison

Dividends

2.6%

Current Dividend Yield

32%

Payout Ratio

Valuation

Is SouthState undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: SSB ($74.32) is trading below our estimate of fair value ($150.79)

Significantly Below Fair Value: SSB is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: SSB is poor value based on its PE Ratio (12.2x) compared to the US Banks industry average (11x).

PE vs Market: SSB is good value based on its PE Ratio (12.2x) compared to the US market (18.1x).


Price to Earnings Growth Ratio

PEG Ratio: SSB is poor value based on its PEG Ratio (2.3x)


Price to Book Ratio

PB vs Industry: SSB's PB Ratio (1.1x) is in line with the US Banks industry average.


Future Growth

How is SouthState forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

5.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SSB's forecast earnings growth (5.4% per year) is above the savings rate (2%).

Earnings vs Market: SSB's earnings (5.4% per year) are forecast to grow slower than the US market (14.7% per year).

High Growth Earnings: SSB's earnings are forecast to grow, but not significantly.

Revenue vs Market: SSB's revenue (6.2% per year) is forecast to grow slower than the US market (9.9% per year).

High Growth Revenue: SSB's revenue (6.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SSB's Return on Equity is forecast to be low in 3 years time (10.1%).


Past Performance

How has SouthState performed over the past 5 years?

19.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SSB has high quality earnings.

Growing Profit Margin: SSB's current net profit margins (28.3%) are higher than last year (7.6%).


Past Earnings Growth Analysis

Earnings Trend: SSB's earnings have grown by 19% per year over the past 5 years.

Accelerating Growth: SSB's earnings growth over the past year (972.9%) exceeds its 5-year average (19% per year).

Earnings vs Industry: SSB earnings growth over the past year (972.9%) exceeded the Banks industry 38.4%.


Return on Equity

High ROE: SSB's Return on Equity (9%) is considered low.


Financial Health

How is SouthState's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: SSB's Assets to Equity ratio (8.5x) is low.

Allowance for Bad Loans: SSB has a sufficient allowance for bad loans (409%).

Low Risk Liabilities: 93% of SSB's liabilities are made up of primarily low risk sources of funding.

Loan Level: SSB has an appropriate level of Loans to Assets ratio (59%).

Low Risk Deposits: SSB's Loans to Deposits ratio (71%) is appropriate.

Level of Bad Loans: SSB has an appropriate level of bad loans (0.4%).


Dividend

What is SouthState current dividend yield, its reliability and sustainability?

2.64%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: SSB's dividend (2.64%) is higher than the bottom 25% of dividend payers in the US market (1.28%).

High Dividend: SSB's dividend (2.64%) is low compared to the top 25% of dividend payers in the US market (3.48%).


Stability and Growth of Payments

Stable Dividend: SSB's dividends per share have been stable in the past 10 years.

Growing Dividend: SSB's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (31.6%), SSB's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SSB's dividends in 3 years are forecast to be well covered by earnings (32.1% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.3yrs

Average management tenure


CEO

John Corbett (52 yo)

1.33yrs

Tenure

US$2,064,601

Compensation

Mr. John C. Corbett has been the Chief Executive Officer and Director at South State Corporation since June 7, 2020. Mr. Corbett serves as the Chief Executive officer and Director of South State Bank, Nati...


CEO Compensation Analysis

Compensation vs Market: John's total compensation ($USD2.06M) is below average for companies of similar size in the US market ($USD6.35M).

Compensation vs Earnings: Insufficient data to compare John's compensation with company performance.


Leadership Team

Experienced Management: SSB's management team is not considered experienced ( 1.3 years average tenure), which suggests a new team.


Board Members

Experienced Board: SSB's board of directors are considered experienced (4.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

SouthState Corporation's employee growth, exchange listings and data sources


Key Information

  • Name: SouthState Corporation
  • Ticker: SSB
  • Exchange: NasdaqGS
  • Founded: 1933
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$5.205b
  • Shares outstanding: 70.04m
  • Website: https://www.southstatebank.com

Number of Employees


Location

  • SouthState Corporation
  • 1101 First Street South
  • Suite 202
  • Winter Haven
  • Florida
  • 33880
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/27 22:59
End of Day Share Price2021/10/27 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.