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WINTER HAVEN, FL—William E. Matthews, V, the Chief Financial Officer of SouthState Corp (NASDAQ:SSB), recently sold 6,531 shares of the company’s common stock. The transaction, which took place on January 29, 2025, was executed at a price of $108.29 per share, amounting to a total sale value of $707,241. Following this transaction, Matthews retains ownership of 34,107 shares in the company. The sale comes as SSB shows strong momentum, with an 8.9% return over the past week. According to InvestingPro data, the stock currently trades at a P/E ratio of 15.1. SouthState Corp is a state commercial bank headquartered in Winter Haven, Florida. With a market capitalization of $10.8 billion, the bank has maintained dividend payments for 29 consecutive years and raised them for the past 13 years. InvestingPro analysis indicates the stock is currently undervalued, with analysts maintaining a bullish outlook. For detailed insights and additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, SouthState Corporation has been a focal point of investor attention due to several key developments. The company’s Q4 earnings report was a standout, with adjusted earnings per share reaching $1.93, significantly outperforming the anticipated $1.66. Revenue also saw an uptick, reaching $450.32 million, a considerable increase from the predicted $435.94 million.
The bank’s merger with Independent Bank (NASDAQ:INDB) Group (NASDAQ:IBTX), completed at the start of the year, has been a significant development. Analysts from Raymond (NSE:RYMD) James and Citi have both adjusted their outlooks on SouthState, with Raymond James raising the price target for SouthState shares to $120 and maintaining an Outperform rating, while Citi upgraded the bank’s stock rating from Neutral to Buy and increased the price target to $128.
The bank’s strategic moves, including its recent expansion into Texas and Denver, and restructuring of the bank’s securities, are expected to positively impact SouthState’s financial performance. Management’s measures prior to the acquisition’s completion are anticipated to contribute to net interest margin expansion, a boost in fee income, and continued growth in core loans and deposits. These are among the recent developments that have taken place at SouthState Corporation.
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