In a recent transaction on September 18, Daniel E. Bockhorst, the Chief Credit Officer of SouthState Corp (NASDAQ:SSB), sold 2,500 shares of the company's common stock. The shares were sold at an average price of $100.00 each, totaling $250,000 in value. Following the sale, Bockhorst now directly owns 33,328 shares in the company, which are valued at approximately $3.33 million.
This transaction was disclosed in a legal filing with the Securities and Exchange Commission (SEC), which can be accessed through the SEC's website. It's worth noting that the sale was made by William E. Matthews, V, the Chief Financial Officer of SouthState Corp, on behalf of Bockhorst, pursuant to a power of attorney.
Investors and stakeholders often monitor insider transactions as they provide insights into how executives view the company's stock value and future performance. The sale by a high-ranking executive at SouthState Corp might attract attention from the investment community as they assess the implications of such insider activities on their investment decisions.
SouthState Corp, headquartered in Winter Haven, Florida, operates within the state commercial banks sector. The company has undergone several name changes in its history, with the most recent being from First Financial Holdings, Inc. to SouthState Corp in 2014.
In other recent news, SouthState Corp has garnered attention with its strong Q2 results and a pending merger with Independent Bank Group (NASDAQ:IBTX). Reporting an operating earnings per share (EPS) of $1.79, the company surpassed the consensus estimate of $1.54, with total revenue reaching $425 million. This positive performance led Stephens, a financial services firm, to raise its price target for SouthState from $88 to $101.
Furthermore, SouthState shareholders have approved a merger with Independent Bank (NASDAQ:INDB) Group, a move expected to close by the end of Q1 2025, pending customary closing conditions. Financial firms DA Davidson and Stephens have adjusted their price targets and EPS estimates for SouthState in light of these developments.
Despite a recent cyber incident costing $8 million, insurance is anticipated to cover $6 million of these expenses. SouthState's capital ratios have improved, with a TCE ratio of 8.4% and CET1 of 12.1%. These recent developments highlight SouthState's focus on growth and market expansion, underpinned by strong loan quality and a cautious approach to commercial real estate lending.
InvestingPro Insights
As investors scrutinize the recent insider transaction at SouthState Corp (NASDAQ:SSB), it's important to consider the company's financial health and market performance to gain a comprehensive view. According to InvestingPro data, SouthState Corp currently holds a market capitalization of $7.61 billion. The company's price-to-earnings (P/E) ratio stands at 16.06, which provides a measure of the market's expectations of its earnings growth and profitability.
Notably, SouthState Corp has demonstrated a strong performance in the stock market over the past several months. The company has seen a 35.94% total return on its stock price over the last three months and is trading near its 52-week high, with the price being 96.6% of the peak value. This suggests a positive sentiment among investors and market participants towards the company's stock.
InvestingPro Tips highlight that SouthState Corp has maintained its dividend payments for an impressive 28 consecutive years, which may be appealing for income-focused investors. Furthermore, the company has raised its dividend for 12 consecutive years, indicating a commitment to returning value to shareholders. This financial discipline and shareholder-friendly policy could be a reassuring signal in light of the recent insider sale.
For those interested in exploring further insights and analysis on SouthState Corp, InvestingPro offers additional tips. There are currently 5 more tips available, which can be accessed at https://www.investing.com/pro/SSB. These tips could provide valuable context for investors considering the potential impact of insider transactions on their investment strategy.
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