In a recent transaction, Jean E. Davis, a director at SouthState Corp (NASDAQ:SSB), sold 2,000 shares of the company's common stock. The shares were sold at a price of $110.61 each, amounting to a total transaction value of $221,220. Following the sale, Davis retains ownership of 17,219 shares in the company.
This transaction was reported in a Form 4 filing with the Securities and Exchange Commission, detailing the sale executed on November 12, 2024. The filing confirms that the transaction did not involve any equity swaps.
In other recent news, South State (NYSE:SSB) Corporation has had a positive financial performance, as revealed in their Q3 2024 earnings call. The company reported growth in loans, deposits, revenue, and earnings per share, with operating earnings per share of $1.90 surpassing the consensus estimate of $1.65. This beat was attributed to a negative provision. The company's core pre-provision net revenue (PPNR) of $183.4 million also exceeded the consensus forecast of $181.4 million by $2 million.
Financial services firms Stephens, Truist Securities, and Piper Sandler have all adjusted their price targets for South State shares following the earnings report. Stephens raised its target to $105.00, Truist Securities lowered its to $103, and Piper Sandler increased its to $112, all while maintaining their respective ratings on the stock.
Finally, South State is in the process of merging with Independent (LON:IOG) Financial, a move expected to enhance the liability sensitivity of South State's balance sheet. This merger is anticipated to be completed by summer 2025. South State continues to navigate the current economic landscape with a focus on strategic growth, as reflected in these recent developments.
InvestingPro Insights
While Jean E. Davis's recent sale of SouthState Corp (NASDAQ:SSB) shares may raise eyebrows, a closer look at the company's financial metrics and market performance provides a more comprehensive picture. According to InvestingPro data, SouthState Corp has a market capitalization of $8.28 billion and a P/E ratio of 16.67, suggesting a reasonable valuation relative to earnings.
The company's stock has shown remarkable strength recently, with a 14.13% return over the past week and an impressive 65.18% return over the last year. This robust performance aligns with an InvestingPro Tip highlighting SouthState's "significant return over the last week" and "high return over the last year."
Investors may find comfort in SouthState's dividend history. An InvestingPro Tip notes that the company "has raised its dividend for 13 consecutive years" and "has maintained dividend payments for 28 consecutive years." With a current dividend yield of 1.95%, SouthState offers a steady income stream to shareholders.
For those seeking a deeper analysis, InvestingPro offers 11 additional tips on SouthState Corp, providing a more comprehensive view of the company's financial health and market position. These insights can be valuable for investors looking to make informed decisions in light of insider transactions like Davis's recent sale.
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