Sei Investments Co. Has $29.34 Million Stock Holdings in SouthState Co. (NASDAQ:SSB)

Sei Investments Co. grew its holdings in shares of SouthState Co. (NASDAQ:SSB) by 0.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 294,950 shares of the bank’s stock after buying an additional 1,554 shares during the quarter. Sei Investments Co.’s holdings in SouthState were worth $29,342,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in SSB. Natixis Advisors LLC boosted its stake in SouthState by 11.9% during the 3rd quarter. Natixis Advisors LLC now owns 20,928 shares of the bank’s stock valued at $2,034,000 after purchasing an additional 2,226 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of SouthState in the third quarter valued at approximately $1,605,000. Charles Schwab Investment Management Inc. boosted its position in shares of SouthState by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock valued at $95,999,000 after buying an additional 72,181 shares during the last quarter. Citigroup Inc. raised its position in SouthState by 4.8% in the 3rd quarter. Citigroup Inc. now owns 213,175 shares of the bank’s stock valued at $20,716,000 after buying an additional 9,693 shares during the last quarter. Finally, Cerity Partners LLC lifted its stake in SouthState by 22.0% during the 3rd quarter. Cerity Partners LLC now owns 13,113 shares of the bank’s stock valued at $1,274,000 after acquiring an additional 2,365 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Janet P. Froetscher bought 2,717 shares of the company’s stock in a transaction on Monday, March 10th. The shares were purchased 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 directly owns 4,689 shares in the company, valued at approximately $431,481.78. The trade was a 137.78 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO William E. V. Matthews sold 6,531 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total value of $707,241.99. Following the completion of the transaction, the chief financial officer now directly owns 34,107 shares of the company’s stock, valued at $3,693,447.03. The trade was a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

SouthState Trading Down 0.2 %

Shares of SSB stock opened at $94.65 on Wednesday. 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 firm has a market cap of $9.59 billion, a P/E ratio of 13.60 and a beta of 0.68. The company has a 50 day moving average of $99.41 and a 200-day moving average of $100.58. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27.

SouthState Announces Dividend

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. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.28%. SouthState’s payout ratio is presently 31.03%.

Analyst Ratings Changes

SSB has been the subject of several recent analyst reports. UBS Group initiated coverage on shares of SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 target price for the company. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and increased their price objective for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Finally, Stephens restated an “overweight” rating and issued a $130.00 target price on shares of SouthState in a research note on Friday, March 7th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, SouthState presently has an average rating of “Moderate Buy” and a consensus target price of $115.44.

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.