SouthState Corp's Q2 adjusted EPS beats estimates, dividend up 11%

Overview

• SouthState Q2 adjusted EPS beats analyst expectations, per LSEG data

• Adjusted net income for Q2 beats estimates, driven by strategic moves

• Co increases quarterly cash dividend by 11%

Outlook

• Company highlights strategic moves generating strong returns for future growth

• SouthState optimistic about growth in Texas and Colorado post-IBTX conversion

Result Drivers

• REVENUE GROWTH - Co reports 22% annualized revenue growth, driven by strategic expansion and franchise conversion

• LOAN ORIGINATIONS - Loan originations increased by 57% qtr-over-qtr, attributed to successful franchise conversion

• STRATEGIC EXPANSION - Successful conversion of IBTX franchise in Texas and Colorado cited as key driver of results

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for SouthState Corp is $115.00, about 15.5% above its July 23 closing price of $97.22

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release: ID:nPn7v2Tnqa