In a recent transaction, Renee R. Brooks, the Chief Operating Officer of SouthState Corp (NASDAQ:SSB), sold a significant portion of her holdings in the company. The sale involved 6,904 shares of common stock at a price of $110 per share, amounting to a total transaction value of $759,440. Following this transaction, Brooks retains ownership of 29,365 shares in SouthState Corp, a regional bank with a market capitalization of $8.4 billion. According to InvestingPro analysis, the stock appears slightly undervalued based on its Fair Value metrics, with the company showing impressive momentum through a 45% price gain over the past six months.
This move comes as part of a regular filing with the Securities and Exchange Commission, where insiders report their trades in the company's stock. Investors often keep a close eye on such transactions to gauge insider sentiment and potential future movements in the stock's valuation. InvestingPro subscribers can access additional insights, including 8 more key ProTips and a comprehensive analysis of insider trading patterns, along with the company's strong dividend history spanning 28 consecutive years of payments.
In other recent news, South State (NYSE:SSB) Corporation has been the focus of several financial services firms following its recent earnings report. Stephens raised its price target for South State shares to $105.00 due to the company's operating earnings per share (EPS) of $1.90, exceeding the consensus estimate of $1.65. The company's core pre-provision net revenue (PPNR) of $183.4 million also surpassed the forecast, despite a slight miss in net interest income (NII).
Truist Securities, on the other hand, adjusted its price target for South State shares to $103 while revising its Core EPS estimates for 2024, 2025, and 2026 upwards. The analyst cited an increase in fees, a decrease in provisioning for credit losses, and reduced expenses as reasons for this revision.
Piper Sandler also expressed confidence in South State, raising its price target from $110 to $112. This was due to effective expense management and the potential for further loan loss reserve releases.
These recent developments come amidst South State's ongoing merger with Independent (LON:IOG) Financial, expected to complete by summer 2025. This merger is anticipated to improve South State's balance sheet's liability sensitivity, contributing to its strategic growth amidst economic challenges.
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