South State Corporation (SSB) stock has achieved a remarkable milestone, soaring to an all-time high of $113.21. This significant price level reflects a robust performance over the past year, with First Financial (NYSE:SSB) reporting an impressive one-year change of 52.99%. The company's stock has been on an upward trajectory, buoyed by strong financial results and positive market sentiment. Investors have shown increased confidence in SSB, as evidenced by the stock's sustained growth and its ability to reach new heights in a competitive market. The all-time high marks a notable achievement for South State Corporation, signaling potential for continued success and investor interest in the future.
In other recent news, South State Corporation has reported a significant increase in operating earnings per share (EPS) of $1.90, surpassing the consensus estimate of $1.65, according to Stephens, a financial services firm. This earnings beat was accompanied by core pre-provision net revenue (PPNR) of $183.4 million, exceeding the consensus forecast. Despite a slight miss in net interest income (NII), core fees outperformed expectations, primarily due to correspondent banking activities.
In light of these results, Stephens raised its price target for South State shares to $105.00, while maintaining an Equal Weight rating. Meanwhile, Truist Securities adjusted its price target to $103, revising its Core EPS estimates for 2024, 2025, and 2026 upwards, citing increased fees, decreased provisioning for credit losses, and reduced expenses. Piper Sandler also expressed confidence in South State, raising its price target from $110 to $112, citing effective expense management and the potential for further loan loss reserve releases.
These recent developments come as South State prepares for its merger with Independent (LON:IOG) Financial, expected to complete by summer 2025. This merger is anticipated to enhance South State's balance sheet's liability sensitivity. Amidst these developments, South State projects mid-single-digit growth and an improving yield curve for 2025, signaling a strategic approach towards growth in the face of economic challenges.
InvestingPro Insights
South State Corporation's (SSB) recent achievement of an all-time high stock price is further supported by several key metrics and insights from InvestingPro. The company's strong performance is reflected in its impressive 51.6% price total return over the past year, aligning closely with the article's reported 52.99% one-year change. This upward momentum is also evident in SSB's 42.79% price total return over the last six months.
InvestingPro data reveals that SSB is currently trading at 96.34% of its 52-week high, underscoring the stock's proximity to its peak performance. The company's financial health is further demonstrated by its P/E ratio of 16.61, suggesting a reasonable valuation relative to earnings. Additionally, SSB boasts a solid dividend yield of 1.98%, with an InvestingPro Tip highlighting that the company has maintained dividend payments for 28 consecutive years, indicating a commitment to shareholder returns.
Another InvestingPro Tip notes that SSB has raised its dividend for 13 consecutive years, which may contribute to investor confidence and the stock's strong performance. For investors seeking more comprehensive analysis, InvestingPro offers 8 additional tips that could provide further insights into SSB's market position and future prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.