SouthState adds Publix executive to its board By Investing.com

WINTER HAVEN, Fla. – SouthState Corporation (NYSE: SSB), a financial services company, announced Thursday the appointment of Merriann Metz to its board of directors and that of its bank subsidiary, SouthState Bank, N.A.

Metz, 49, currently holds the position of general counsel, chief compliance officer, and corporate secretary at Publix Super Markets, Inc., a major player in the retail sector with over $50 billion in annual revenue. Her role at Publix, a company with 1,376 stores and more than 250,000 employees across eight states, involves leading the risk management, legal, and compliance functions.

John Corbett, CEO of SouthState, expressed enthusiasm about Metz’s addition to the board, citing her extensive experience in legal and compliance roles as a valuable asset. Metz’s prior experience includes practicing law with a focus on commercial real estate and related litigation at the Orlando-based firm Lowndes, Drosdick, Doster, Kantor and Reed, P.A., before her tenure at Publix beginning in 2006.

In addition to her corporate responsibilities, Metz is noted for her community involvement, including her service as director and board chair for Easter Seals Florida, Inc., among other non-profit organizations.

SouthState Corporation operates primarily in the Southeastern United States, offering a range of financial services including consumer and commercial banking, mortgage and wealth management solutions. It serves over one million customers through SouthState Bank, N.A., and provides nationwide services through its correspondent banking division.

The information regarding Metz’s appointment is based on a press release statement from SouthState Corporation.

In other recent news, SouthState Corporation has seen a flurry of activity. The company announced a definitive all-stock merger with Independent Bank Group (NASDAQ:), valued at approximately $2 billion. The merger is expected to create a combined entity with total assets of $65 billion, deposits of $55 billion, and gross loans of $48 billion.

This recent development was followed by financial services firm Piper Sandler adjusting its outlook for SouthState, raising its price target from $95.00 to $98.00, based on a robust return on assets and equity. However, the firm later revised the price target to $95.00, maintaining an Overweight rating on the stock.

In contrast, Keefe, Bruyette & Woods raised its stock price target for SouthState to $95.00, due to increased earnings per share estimates for the upcoming years. SouthState also reported steady growth in the first quarter of 2024, with modest increases in loans and deposits, and an expected net interest margin between 3.40% and 3.50% for the full year 2024. These recent developments reflect the evolving financial landscape for SouthState Corporation.

InvestingPro Insights

Following the recent announcement of Merriann Metz joining the board of SouthState Corporation, investors have shown a positive outlook on the company’s governance. As a testament to SouthState’s commitment to shareholder returns, one notable InvestingPro Tip highlights that the company has raised its dividend for 12 consecutive years, signaling a strong track record of returning value to shareholders. SouthState has maintained dividend payments for an impressive 28 consecutive years, further emphasizing its reliability in providing consistent shareholder returns.

From a financial perspective, InvestingPro Data shows that SouthState Corporation has a market capitalization of $7.41 billion and a Price/Earnings (P/E) ratio of 15.53, which is closely aligned with the adjusted P/E ratio for the last twelve months as of Q1 2024 at 15.59. This suggests a stable valuation relative to earnings. Moreover, the company has exhibited a strong return over the last three months, with a 16.9% price total return, underscoring a robust short-term performance that aligns with the company’s long-term dividend consistency.

For investors seeking a deeper analysis, InvestingPro offers additional tips on SouthState Corporation, which can be accessed at https://www.investing.com/pro/SSB. These tips provide valuable insights for evaluating the company’s financial health and future prospects. Interested readers can also take advantage of a special offer using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.

It’s worth noting that the total number of additional InvestingPro Tips available for SouthState Corporation is five, which can further guide investors in making informed decisions.

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