Envestnet Portfolio Solutions Inc. Has $450,000 Position in SouthState Co. (NASDAQ:SSB)

Envestnet Portfolio Solutions Inc. trimmed its position in SouthState Co. (NASDAQ:SSB) by 7.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Stifel Financial Corp lifted its holdings in shares of SouthState by 10.5% during the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock valued at $6,178,000 after acquiring an additional 6,062 shares during the period. JPMorgan Chase & Co. lifted its holdings in SouthState by 2.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock valued at $39,736,000 after purchasing an additional 9,863 shares during the last quarter. Fisher Asset Management LLC boosted its position in SouthState by 3.7% in the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock valued at $69,178,000 after buying an additional 25,495 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in SouthState during the fourth quarter worth about $1,008,000. Finally, HighTower Advisors LLC increased its holdings in shares of SouthState by 7.6% during the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock worth $1,083,000 after buying an additional 787 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Janet P. Froetscher acquired 2,717 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the transaction, 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 purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CFO William E. V. Matthews sold 6,531 shares of SouthState stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total value of $707,241.99. Following the transaction, the chief financial officer now owns 34,107 shares in the company, valued at approximately $3,693,447.03. This represents a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

SouthState Trading Down 0.2 %

Shares of SSB opened at $94.65 on Wednesday. The stock’s fifty day simple moving average is $99.41 and its 200-day simple moving average is $100.58. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $9.59 billion, a PE ratio of 13.60 and a beta of 0.68. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27.

SouthState Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Stephens reissued an “overweight” rating and issued a $130.00 target price on shares of SouthState in a report on Friday, March 7th. UBS Group began coverage on SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective on the stock. Finally, Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and raised their target price 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 assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $115.44.

SouthState Company 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.