SouthState Corp (NASDAQ:SSB) reported that its Chief Financial Officer, William E. Matthews V, has sold shares in the company. The transaction, which took place on September 20, 2024, involved the sale of 5,000 shares of common stock at a price of $100.00 per share, totaling $500,000.
This sale has adjusted Matthews' direct ownership in the company to 36,964 shares following the transaction. The details of the sale come from the latest filings with the Securities and Exchange Commission, which provide transparency into the trading activities of the company's insiders.
The reported sale price of $100.00 reflects the value investors may find in the current market for SouthState Corp's shares. Investors often monitor insider sales as they may provide insights into the executive's view of the company's current valuation and future prospects.
SouthState Corp, with its headquarters in Winter Haven, Florida, operates within the state commercial banks sector. As a financial institution, the company's stock performance and insider trading activity are closely watched by investors seeking to understand market trends and the financial health of the company.
The trading activity of company executives, especially those in key financial positions like the CFO, is always of interest to current and potential investors as it may signal their confidence in the company's future growth and profitability. However, it's important to note that insider trading can occur for various reasons and may not necessarily reflect the executive's outlook on the company's future performance.
Investors and analysts will continue to follow SouthState Corp's financial developments and the trading activities of its executives for further indications of the company's direction and financial health.
In other recent news, SouthState Corp made significant strides in its merger with Independent Bank Group (NASDAQ:IBTX), as shareholders voted overwhelmingly in favor of the consolidation. The merger is expected to conclude by the first quarter of 2025, contingent upon standard closing conditions. In addition to this development, SouthState reported strong Q2 results, with operating earnings per share (EPS) of $1.79, exceeding the consensus estimate of $1.54, and a total revenue of $425 million.
These positive results prompted Stephens, a financial services firm, to raise its price target for SouthState from $88 to $101, while maintaining an Equal Weight rating on the shares. DA Davidson also expressed confidence in SouthState's performance, increasing its price target for the company to $112 and adjusting its 2024 EPS estimates from $6.40 to $6.67.
Despite a recent cyber incident costing SouthState $8 million, insurance is expected to cover $6 million of these expenses. The company's capital ratios have improved, with a TCE ratio of 8.4% and CET1 of 12.1%. These developments highlight SouthState's focus on growth and market expansion, supported by strong loan quality and a measured yet optimistic approach to commercial real estate lending.
InvestingPro Insights
Amidst the recent news of SouthState Corp's (NASDAQ:SSB) CFO selling a portion of his shares, the company appears to maintain a solid track record in terms of shareholder returns. According to InvestingPro Tips, SouthState Corp has raised its dividend for 12 consecutive years and has maintained dividend payments for an impressive 28 consecutive years. This consistency in returning value to shareholders might provide some reassurance amidst the insider selling activity.
InvestingPro Data also reveals that SouthState Corp has experienced a notable price uptick over the last six months, with a 25.03% total return, signaling investor confidence in the company's performance. Additionally, the company has delivered a strong 51.61% return over the last year, further underscoring its robust market position. The current dividend yield stands at 2.13%, with a dividend growth of 8.0% in the last twelve months as of Q2 2024, which could attract investors looking for steady income streams.
While the insider sale may attract attention, these financial metrics suggest a stable company with a history of profitability and shareholder value. For investors seeking further insights, InvestingPro offers additional tips on SouthState Corp, which can be found at InvestingPro.
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