Foundations Investment Advisors LLC Sells 125 Shares of SouthState Co. (NASDAQ:SSB)

Foundations Investment Advisors LLC cut its position in SouthState Co. (NASDAQ:SSB) by 1.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,503 shares of the bank’s stock after selling 125 shares during the quarter. Foundations Investment Advisors LLC’s holdings in SouthState were worth $746,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of SouthState by 1.8% during the third quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank’s stock worth $176,931,000 after acquiring an additional 31,340 shares during the period. Charles Schwab Investment Management Inc. lifted its position in SouthState by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock worth $95,999,000 after purchasing an additional 72,181 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of SouthState by 4.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 731,802 shares of the bank’s stock worth $71,117,000 after acquiring an additional 34,194 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of SouthState by 3.7% in the 3rd quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock valued at $69,178,000 after purchasing an additional 25,495 shares during the last quarter. Finally, Segall Bryant & Hamill LLC raised its stake in SouthState by 3.8% during the third quarter. Segall Bryant & Hamill LLC now owns 622,084 shares of the bank’s stock worth $60,454,000 after acquiring an additional 22,855 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at SouthState

In related news, CFO William E. V. Matthews sold 6,531 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the sale, the chief financial officer now directly owns 34,107 shares of the company’s stock, valued at $3,693,447.03. This trade represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SSB shares. Piper Sandler raised their price objective on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, October 25th. UBS Group started coverage on shares of SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price on the stock. Hovde Group cut shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Stephens reissued an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research report on Friday, January 24th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $120.00 target price (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, SouthState presently has an average rating of “Moderate Buy” and a consensus price target of $115.44.

SouthState Stock Down 1.5 %

SouthState stock opened at $106.68 on Thursday. The firm has a market capitalization of $8.14 billion, a price-to-earnings ratio of 16.46 and a beta of 0.70. The firm has a 50 day simple moving average of $103.43 and a 200 day simple moving average of $98.90. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.26. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, February 7th will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend is Friday, February 7th. SouthState’s payout ratio is 33.33%.

SouthState Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.