SouthState Corp's (NASDAQ:SSB) President, Richard Murray IV, has recently sold a significant portion of his holdings in the company. The transaction, which took place on March 20, 2024, involved the sale of 4,900 shares of common stock at a price of $81.85 per share, totaling over $401,000.
This move by Murray comes as part of the regular financial activities executives undertake with their company shares. Following the sale, Murray still retains 58,968 shares of SouthState Corp, indicating a continued vested interest in the company's performance.
Investors often keep a close eye on insider transactions as they provide insights into executives' perspectives on the company's value. The sale by a high-ranking official such as the President can be noteworthy, although it does not necessarily signal a change in company fundamentals.
SouthState Corp, with its headquarters in Winter Haven, Florida, operates within the state commercial banks sector and has a history of various name changes and mergers. The latest sale by President Murray IV is now part of the company's financial history and is publicly documented for shareholders' and potential investors' review.
The details of the transaction are available for public viewing and provide transparency into the financial dealings of SouthState Corp's executives. As the company continues its operations, stakeholders will be watching for further insider transactions that may give additional clues to the company's trajectory and the confidence of its leaders in its future success.
InvestingPro Insights
In light of the recent insider sale by SouthState Corp's (NASDAQ:SSB) President, Richard Murray IV, it's important for investors to consider various financial metrics and insights that could provide a broader context to the company's current standing. According to InvestingPro data, SouthState Corp boasts a market capitalization of approximately $6.35 billion USD, with a price-to-earnings (P/E) ratio of 12.86, which adjusts slightly to 12.59 when considering the last twelve months as of Q4 2023. This indicates a valuation that may appeal to value-oriented investors.
The company's revenue shows modest growth, with a 3.99% increase over the last twelve months as of Q4 2023, though the quarterly growth rate sits at a more conservative 0.35%. Despite concerns about gross profit margins as indicated by one of the InvestingPro Tips, SouthState Corp has managed to maintain a robust operating income margin of 45.04% during the same period.
For income-focused investors, SouthState Corp's track record of dividend payments is noteworthy. The company has not only maintained dividend payments for 28 consecutive years but has also raised its dividend for 12 consecutive years, showcasing a commitment to returning value to shareholders. The dividend yield as of the most recent data stands at 2.53%, with a 4.0% dividend growth rate in the last twelve months as of Q4 2023.
While some analysts have revised their earnings expectations downwards for the upcoming period, another InvestingPro Tip suggests that the company is predicted to be profitable this year, which could provide some reassurance to investors concerned about the insider sale. For those interested in further insights and analysis, InvestingPro offers additional tips on SouthState Corp, which can be found at https://www.investing.com/pro/SSB. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover the full range of expert tips and data available.
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