Asia FX dithers as dollar steadies before Powell speech; yen muted after CPI data
In a recent transaction, Smith G Stacy, a director at SouthState Corp (NASDAQ:SSB), acquired 3,100 shares of the company’s common stock. The purchase, valued at $290,160, was executed at a price of $93.60 per share. The transaction price sits below InvestingPro’s calculated Fair Value, suggesting potential upside opportunity. The stock currently trades at an attractive P/E ratio of 13.2, with five analysts recently revising earnings estimates upward. Following this acquisition, Stacy now holds a total of 36,779 shares directly. This move demonstrates continued confidence in the financial institution, headquartered in Winter Haven, Florida. The company has maintained dividend payments for 29 consecutive years, with 13 years of consecutive increases. Discover more insights about SSB and 1,400+ other stocks with comprehensive Pro Research Reports on InvestingPro.
In other recent news, SouthState Corporation reported strong financial results for the fourth quarter of 2024, surpassing both earnings and revenue expectations. The company achieved an earnings per share (EPS) of $1.93, exceeding the anticipated $1.66, and generated revenue of $450.32 million, which was higher than the forecasted $435.94 million. This performance reflects SouthState’s strategic growth, bolstered by its acquisition of Independent (LON:IOG) Financial, which enhances its position in high-growth markets like Texas and the Southeastern U.S. Additionally, SouthState Corp received regulatory approval for its 2025 stock repurchase program, allowing the company to buy back up to 3 million shares, approximately 3% of its outstanding shares.
In terms of future guidance, SouthState Corp projects a net interest margin (NIM) between 360 and 370 basis points for the first quarter of 2025, with an expectation to exit the year between 375 and 385 basis points. The company also anticipates mid-single-digit loan growth and steady deposit costs around 2% for the upcoming quarter. Furthermore, the firm is focusing on expanding in high-growth markets and optimizing its asset size.
Analysts from firms such as KBW have shown interest in SouthState’s net interest margin expansion and the company’s strategy following the acquisition of Independent Financial. SouthState’s management has indicated that potential securities portfolio restructuring is under consideration, depending on capital marks and market conditions. The company continues to demonstrate operational efficiency, with a 5% loan growth and a 3% increase in deposits for the year, highlighting its expanding customer base.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.