Corient Private Wealth LLC Has $1.12 Million Stock Position in SouthState Co. (NASDAQ:SSB)

Corient Private Wealth LLC cut its stake in shares of SouthState Co. (NASDAQ:SSB) by 36.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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.

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

Analysts Set New Price Targets

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

Insider Transactions 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 shares were sold at an average price of $108.29, for a total transaction of $707,241.99. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director G Stacy Smith bought 3,100 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the acquisition, the director now directly owns 36,779 shares in the company, valued at $3,442,514.40. The trade was a 9.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.70% of the company’s stock.

SouthState Stock Performance

NASDAQ:SSB opened at $93.94 on Thursday. The firm has a market capitalization of $9.52 billion, a P/E ratio of 13.50 and a beta of 0.68. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27. The company has a fifty day moving average of $99.30 and a 200-day moving average of $100.54. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.30%. SouthState’s dividend payout ratio is currently 31.03%.

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.