Nomura Holdings Inc. Purchases New Shares in SouthState Co. (NASDAQ:SSB)

Nomura Holdings Inc. purchased a new position in SouthState Co. (NASDAQ:SSB - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 10,104 shares of the bank's stock, valued at approximately $1,005,000.

A number of other institutional investors and hedge funds have also modified their holdings of SSB. Quadrant Capital Group LLC raised its holdings in SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after purchasing an additional 99 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of SouthState by 0.5% during the 4th quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank's stock worth $2,109,000 after buying an additional 100 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in shares of SouthState by 1.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock worth $949,000 after buying an additional 112 shares during the last quarter. Bragg Financial Advisors Inc raised its stake in shares of SouthState by 4.3% during the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank's stock worth $276,000 after buying an additional 115 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake in shares of 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 buying an additional 126 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Trading Down 3.0%

Shares of NASDAQ SSB traded down $2.70 on Wednesday, reaching $87.88. 817,070 shares of the company traded hands, compared to its average volume of 648,170. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $114.27. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a 50 day moving average of $88.56 and a 200 day moving average of $97.71. The stock has a market capitalization of $8.92 billion, a PE ratio of 12.63 and a beta of 0.75.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 annualized dividend and a yield of 2.46%. SouthState's dividend payout ratio is presently 34.12%.

Insiders Place Their Bets

In related news, Director Janet P. Froetscher bought 2,717 shares of the stock in a transaction dated Monday, March 10th. The stock was acquired at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the completion of the purchase, the director now owns 4,689 shares in the company, valued at $431,481.78. This represents a 137.78% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director G Stacy Smith bought 3,100 shares of the stock in a transaction dated Thursday, March 6th. The stock was bought at an average price of $93.60 per share, with a total value of $290,160.00. Following the purchase, the director now owns 36,779 shares of the company's stock, valued at approximately $3,442,514.40. This represents a 9.20% increase in their position. The disclosure for this purchase can be found here. 1.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. DA Davidson cut their target price on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. Raymond James set a $110.00 price objective on SouthState in a research report on Monday, April 28th. Jefferies Financial Group assumed coverage on shares of SouthState in a research note on Wednesday. They issued a "buy" rating and a $110.00 target price for the company. Barclays cut their price objective on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Finally, Truist Financial assumed coverage on shares of SouthState in a research report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price objective for the company. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $116.27.

About SouthState

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.