SouthState Corp (NASDAQ:SSB) recently witnessed a significant stock transaction by its Chief Credit Officer, Daniel E. Bockhorst. According to a recent SEC filing, Bockhorst sold 3,000 shares of SouthState Corp's common stock on November 11, 2024. The shares were sold at a price of $110.00 each, amounting to a total transaction value of $330,000.
Following this transaction, Bockhorst retains ownership of 30,328 shares in the company. This sale is part of regular trading activities and was executed without any equity swap involvement.
In other recent news, South State (NYSE:SSB) Corporation reported robust financial performance in its Q3 2024 Earnings Call, with increased loans, deposits, revenue, and earnings per share. The company's operating earnings per share (EPS) of $1.90 exceeded the consensus estimate of $1.65, according to Stephens. South State's core pre-provision net revenue (PPNR) of $183.4 million also surpassed the consensus forecast of $181.4 million.
Financial services firm Stephens raised its price target for South State shares to $105.00, while Truist Securities adjusted its price target to $103 and Piper Sandler increased its price target to $112. All three firms maintained neutral ratings on the stock, citing factors such as increased fees, decreased provisioning for credit losses, and reduced expenses.
The company is also undergoing a merger with Independent (LON:IOG) Financial, expected to complete by summer 2025, which is anticipated to improve South State's balance sheet's liability sensitivity. Additionally, South State projects mid-single-digit growth and an improving yield curve for 2025. These recent developments reflect South State Corporation's strategic approach towards growth amidst economic challenges.
InvestingPro Insights
As SouthState Corp (NASDAQ:SSB) experiences insider trading activity, it's worth examining some key financial metrics and insights provided by InvestingPro. The company's stock has shown remarkable performance, with a 65.18% total return over the past year and a 38.27% return in the last six months. This strong momentum aligns with the recent insider sale, as executives may take advantage of price appreciation to realize gains.
SouthState Corp's financial health appears robust, with 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 revenue growth of 9.58% in the most recent quarter indicates positive business momentum, which could be a factor in the stock's recent performance.
InvestingPro Tips highlight that SouthState Corp has raised its dividend for 13 consecutive years and maintained dividend payments for 28 consecutive years. This consistent dividend policy may be attractive to income-focused investors, especially with the current dividend yield of 1.95%. Additionally, analysts have revised their earnings upwards for the upcoming period, potentially signaling confidence in the company's near-term prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for SouthState Corp, providing deeper insights into the company's financial position and market performance.
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