Corient Private Wealth LLC Cuts Stock Holdings in SouthState Co. (NASDAQ:SSB)

Corient Private Wealth LLC lowered its position in SouthState Co. (NASDAQ:SSB) by 36.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 11,299 shares of the bank’s stock after selling 6,390 shares during the period. Corient Private Wealth LLC’s holdings in SouthState were worth $1,124,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Blue Trust Inc. lifted its holdings in SouthState by 16.8% during the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after acquiring an additional 167 shares during the period. Stonebridge Financial Group LLC bought a new stake in shares of SouthState during the 4th quarter worth $137,000. Avior Wealth Management LLC boosted its holdings in shares of SouthState by 22,412.5% in the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock worth $179,000 after buying an additional 1,793 shares during the last quarter. Central Pacific Bank Trust Division grew its position in SouthState by 15.7% during the fourth quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock valued at $183,000 after buying an additional 250 shares during the period. Finally, CIBC Asset Management Inc increased its holdings in SouthState by 5.7% during the fourth quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank’s stock worth $231,000 after buying an additional 126 shares during the last quarter. 89.76% of the stock is owned by institutional investors.

Insider Buying and Selling at SouthState

In other news, 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 transaction of $707,241.99. Following the completion of the sale, the chief financial officer now owns 34,107 shares in the company, valued at approximately $3,693,447.03. This trade represents a 16.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Janet P. Froetscher acquired 2,717 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the completion of the transaction, the director now owns 4,689 shares of the company’s stock, valued at $431,481.78. The trade was a 137.78 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on SSB shares. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and increased their target price for the company from $106.00 to $128.00 in a research report on Monday, January 27th. UBS Group initiated coverage on SouthState in a research report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 target price for the company. Finally, Stephens reaffirmed an “overweight” rating and set a $130.00 price target on shares of SouthState in a research report on Friday, March 7th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.44.

SouthState Trading Down 0.5 %

Shares of SSB opened at $93.94 on Thursday. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27. The stock has a market cap of $9.52 billion, a PE ratio of 13.50 and a beta of 0.68. 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 business’s 50-day moving average price is $99.30 and its 200-day moving average price is $100.54.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend was Friday, February 7th. SouthState’s dividend payout ratio is presently 31.03%.

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.