SouthState Corp authorized stock repurchase program

SouthState Corporation (NYSE:SSB), a prominent state commercial bank based in South Carolina with a market capitalization of $10.49 billion, announced on Monday the Federal Reserve Board’s nonobjection to its 2025 stock repurchase program. The program, previously approved by the company’s Board of Directors and contingent on regulatory approval, will permit the repurchase of up to 3 million shares. This figure represents approximately 3% of the company’s outstanding shares as of January 2, 2025. According to InvestingPro analysis, the company has demonstrated strong financial discipline, maintaining dividend payments for 29 consecutive years.

The repurchase initiative is set to be active until December 31, 2026, and may be concluded earlier or extended at the discretion of the Board of Directors. SouthState Corporation has stated that the repurchase of shares is not obligatory and will depend on various market conditions, including economic factors and liquidity needs. The company’s stock has shown robust performance, with a 30.21% return over the past year and currently trades at a P/E ratio of 14.76.

The company plans to conduct these repurchases through open market transactions, negotiated deals, block trades, or accelerated share repurchase transactions. Additionally, they may utilize trading plans in accordance with Rule 10b5-1. All market purchases will comply with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.

This strategic move by SouthState Corp allows for flexibility in managing its capital structure and delivering value to its shareholders. The repurchase plan’s implementation will be influenced by market and economic conditions, and there is no guarantee that any shares will be repurchased.

The information in this article is based on a press release statement filed with the SEC.

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