Envestnet Portfolio Solutions Inc. Lowers Holdings in SouthState Co. (NASDAQ:SSB)

Envestnet Portfolio Solutions Inc. lowered its stake in shares of SouthState Co. (NASDAQ:SSB) by 4.4% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 4,686 shares of the bank’s stock after selling 218 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in SouthState were worth $358,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Parallel Advisors LLC boosted its holdings in SouthState by 544.0% during the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after buying an additional 272 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of SouthState during the 1st quarter worth about $30,000. TFO Wealth Partners LLC grew its position in shares of SouthState by 13,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after acquiring an additional 402 shares during the period. GAMMA Investing LLC grew its position in shares of SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after acquiring an additional 333 shares during the period. Finally, International Assets Investment Management LLC increased its stake in shares of SouthState by 8,346.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock valued at $107,000 after purchasing an additional 1,252 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Price Performance

Shares of SouthState stock opened at $91.37 on Thursday. The business has a 50 day simple moving average of $84.39 and a two-hundred day simple moving average of $81.59. SouthState Co. has a 12 month low of $63.36 and a 12 month high of $101.32. The stock has a market capitalization of $6.96 billion, a P/E ratio of 14.91 and a beta of 0.68. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.91 and a quick ratio of 0.90.

SouthState (NASDAQ:SSB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The business had revenue of $425.48 million during the quarter, compared to analysts’ expectations of $418.08 million. During the same quarter in the prior year, the firm earned $1.63 earnings per share. The business’s revenue was down 3.1% compared to the same quarter last year. As a group, analysts predict that SouthState Co. will post 6.64 EPS for the current fiscal year.

SouthState Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.36%. The ex-dividend date was Friday, August 9th. This is a boost from SouthState’s previous quarterly dividend of $0.23. SouthState’s dividend payout ratio (DPR) is currently 35.24%.

Analysts Set New Price Targets

A number of research firms recently weighed in on SSB. Keefe, Bruyette & Woods upped their price target on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. DA Davidson upped their price target on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Stephens upped their price target on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Raymond James raised SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target for the company in a report on Tuesday, May 21st. Finally, Hovde Group upped their price target on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $102.75.

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.