Foundations Investment Advisors LLC Sells 2,422 Shares of SouthState Co. (NASDAQ:SSB)

Foundations Investment Advisors LLC cut its stake in shares of SouthState Co. (NASDAQ:SSB) by 24.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,628 shares of the bank’s stock after selling 2,422 shares during the period. Foundations Investment Advisors LLC’s holdings in SouthState were worth $741,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Trust Point Inc. lifted its stake in shares of SouthState by 6.3% in the 3rd quarter. Trust Point Inc. now owns 13,936 shares of the bank’s stock worth $1,354,000 after purchasing an additional 827 shares during the period. nVerses Capital LLC purchased a new stake in SouthState during the third quarter valued at approximately $418,000. Hunter Perkins Capital Management LLC raised its position in SouthState by 2.7% in the third quarter. Hunter Perkins Capital Management LLC now owns 33,290 shares of the bank’s stock worth $3,235,000 after acquiring an additional 870 shares during the period. Creative Planning boosted its stake in shares of SouthState by 26.7% during the 3rd quarter. Creative Planning now owns 18,196 shares of the bank’s stock worth $1,768,000 after acquiring an additional 3,831 shares during the last quarter. Finally, Smith Chas P & Associates PA Cpas bought a new stake in shares of SouthState during the 3rd quarter valued at $1,124,000. 89.76% of the stock is owned by institutional investors.

SouthState Trading Up 1.5 %

SouthState stock opened at $98.06 on Friday. SouthState Co. has a 1 year low of $63.36 and a 1 year high of $103.82. The firm’s 50 day moving average price is $96.27 and its 200-day moving average price is $86.18. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market cap of $7.47 billion, a P/E ratio of 16.00 and a beta of 0.67.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The company had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. During the same period in the previous year, the firm posted $1.62 EPS. SouthState’s revenue for the quarter was down .4% compared to the same quarter last year. On average, equities analysts predict that SouthState Co. will post 6.69 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Friday, November 8th. SouthState’s payout ratio is presently 35.24%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SSB shares. Truist Financial raised their target price on SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Hovde Group raised their price objective on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Citigroup initiated coverage on SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective for the company. Stephens raised their target price on shares of SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods upped their price target on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, SouthState currently has a consensus rating of “Moderate Buy” and an average price target of $102.89.

Insider Activity

In related news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the transaction, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the insider now owns 33,328 shares in the company, valued at $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate 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.