Envestnet Portfolio Solutions Inc. Sells 389 Shares of SouthState Co. (NASDAQ:SSB)

Envestnet Portfolio Solutions Inc. reduced its holdings in SouthState Co. (NASDAQ:SSB) by 7.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 4,525 shares of the bank’s stock after selling 389 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in SouthState were worth $450,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Natixis Advisors LLC raised its stake in shares of SouthState by 11.9% during the 3rd quarter. Natixis Advisors LLC now owns 20,928 shares of the bank’s stock worth $2,034,000 after purchasing an additional 2,226 shares in the last quarter. Intech Investment Management LLC bought a new stake in SouthState during the third quarter worth $1,605,000. Charles Schwab Investment Management Inc. lifted its stake in SouthState by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock valued at $95,999,000 after acquiring an additional 72,181 shares during the last quarter. Citigroup Inc. grew its position in shares of SouthState by 4.8% in the 3rd quarter. Citigroup Inc. now owns 213,175 shares of the bank’s stock valued at $20,716,000 after acquiring an additional 9,693 shares during the period. Finally, Cerity Partners LLC increased its stake in shares of SouthState by 22.0% during the 3rd quarter. Cerity Partners LLC now owns 13,113 shares of the bank’s stock worth $1,274,000 after purchasing an additional 2,365 shares during the last quarter. 89.76% of the stock is owned by institutional investors.

SouthState Stock Performance

Shares of NASDAQ SSB opened at $94.65 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market cap of $9.59 billion, a price-to-earnings ratio of 13.60 and a beta of 0.68. The stock’s fifty day moving average price is $99.41 and its two-hundred day moving average price is $100.58. SouthState Co. has a one year low of $70.68 and a one year high of $114.27.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were paid a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.28%. SouthState’s dividend payout ratio (DPR) is presently 31.03%.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 6,531 shares of the stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total transaction of $707,241.99. Following the sale, the chief financial officer now owns 34,107 shares of the company’s stock, valued at $3,693,447.03. This represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Janet P. Froetscher acquired 2,717 shares of the company’s stock in a transaction on Monday, March 10th. The stock was bought at an average cost of $92.02 per share, with a total value of $250,018.34. Following the completion of the acquisition, the director now directly owns 4,689 shares in the company, valued at approximately $431,481.78. This represents a 137.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.70% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on SSB. UBS Group assumed coverage on shares of SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 target price for the company. Stephens reiterated an “overweight” rating and set a $130.00 target price on shares of SouthState in a research note on Friday, March 7th. Finally, Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and increased their price target for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $115.44.

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.