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SouthState Corporation (NYSE:SSB), a prominent player in state commercial banking with a market capitalization of $9 billion and a P/E ratio of 12.7, announced significant governance changes and shareholder voting results in a recent SEC filing. According to InvestingPro data, the company currently trades near its Fair Value, with analysts maintaining a bullish outlook on the stock. The company’s board, immediately following its Annual Meeting on Monday, reduced its size from 15 to 14 members and appointed new committee chairs and members for its four standing committees. The company’s strong governance practices are complemented by its impressive dividend track record, having maintained dividend payments for 29 consecutive years, with a current yield of 2.48%.
The shareholders, holding a total of 91,523,897 shares, participated in the Annual Meeting to vote on key proposals. The elected directors will serve until the 2026 annual meeting or until successors are appointed. The board’s restructuring also included the approval of the non-binding advisory proposal on the compensation of the company’s Named Executive Officers, with 79,929,686 votes in favor.
Additionally, a significant corporate domicile change from South Carolina to Florida was approved by the shareholders, with 83,060,821 votes supporting the move. This shift is expected to align with the company’s strategic business objectives and growth plans.
In another critical decision, Ernst & Young LLP was ratified as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, with a substantial majority of 90,438,705 votes in favor.
The filing, dated Monday, April 23, 2025, underscores SouthState Corporation’s commitment to corporate governance and shareholder engagement. The company, headquartered in Winter Haven, FL, has emphasized transparency and accountability in its operations, as reflected in the detailed reporting of the voting outcomes. InvestingPro analysis reveals a FAIR overall financial health score, suggesting stable operational performance. For deeper insights into SSB’s financial metrics and additional ProTips, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
The information presented in this article is based on a press release statement.
In other recent news, SouthState Corporation has announced a series of new hires and promotions across its Private Wealth, Small Business, and Commercial Banking divisions, emphasizing its commitment to relationship banking and client success. Additionally, SouthState completed a branch sale-leaseback transaction and a securities restructuring, resulting in a pre-tax gain of approximately $229 million. Analyst Benjamin Gerlinger from Citi adjusted the price target for SouthState stock to $123 from $128 while maintaining a "Buy" rating, reflecting the bank’s effective management of promotional CD rates and anticipated net interest margin improvements. Raymond (NSE:RYMD) James analyst Michael Rose upgraded SouthState’s stock to "Strong Buy," citing favorable risk estimates and the benefits from its acquisition of IBTX. This acquisition is expected to provide credit protection and enhance SouthState’s financial position. The Federal Reserve Board has also given its nonobjection to SouthState’s 2025 stock repurchase program, allowing the company to buy back up to 3 million shares. DA Davidson analysts identified SouthState as one of the banks likely to perform well in a weaker economy due to its low credit risk profile. These developments highlight SouthState’s strategic initiatives and analyst confidence in its future performance.
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