Foundations Investment Advisors LLC Decreases Holdings in SouthState Co. (NASDAQ:SSB)

Foundations Investment Advisors LLC cut its stake in shares of SouthState Co. (NASDAQ:SSB) by 1.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in SSB. Pacer Advisors Inc. boosted its stake in shares of SouthState by 1.9% during the 4th quarter. Pacer Advisors Inc. now owns 11,371 shares of the bank’s stock valued at $1,131,000 after purchasing an additional 207 shares in the last quarter. KBC Group NV raised its stake in SouthState by 35.3% during the fourth quarter. KBC Group NV now owns 3,106 shares of the bank’s stock valued at $309,000 after buying an additional 810 shares during the last quarter. Blue Trust Inc. boosted its stake in SouthState by 16.8% in the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after purchasing an additional 167 shares in the last quarter. Inspire Investing LLC grew its holdings in shares of SouthState by 122.2% during the fourth quarter. Inspire Investing LLC now owns 6,543 shares of the bank’s stock valued at $651,000 after buying an additional 3,598 shares during the last quarter. Finally, Avior Wealth Management LLC increased 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 purchasing an additional 1,793 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Stock Down 1.5 %

NASDAQ:SSB opened at $106.68 on Thursday. The company has a market cap of $8.14 billion, a price-to-earnings ratio of 16.46 and a beta of 0.70. 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 Co. has a twelve month low of $70.68 and a twelve month high of $114.26. The stock has a fifty day simple moving average of $103.43 and a 200-day simple moving average of $98.90.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, February 7th will be paid a $0.54 dividend. The ex-dividend date is Friday, February 7th. This represents a $2.16 annualized dividend and a yield of 2.02%. SouthState’s dividend payout ratio (DPR) is currently 33.33%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SSB. Piper Sandler boosted their price objective on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $106.00 to $128.00 in a research report on Monday. Truist Financial cut their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Finally, UBS Group started coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 target price for the company. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, SouthState currently has a consensus rating of “Moderate Buy” and an average price target of $115.44.

Insider Activity

In other SouthState 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 completion of the sale, the chief financial officer now directly owns 34,107 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.26% of the company’s stock.

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.