Nomura Holdings Inc. Takes Position in SouthState Co. (NASDAQ:SSB)

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

A number of other hedge funds and other institutional investors also recently made changes to their positions in SSB. Summit Securities Group LLC bought a new position in SouthState in the fourth quarter worth $38,000. Aquatic Capital Management LLC bought a new position in SouthState in the fourth quarter worth $45,000. Quadrant Capital Group LLC raised its holdings in SouthState by 24.2% in 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 in the last quarter. Headlands Technologies LLC bought a new position in SouthState in the fourth quarter worth $102,000. Finally, Blue Trust Inc. raised its holdings in SouthState by 16.8% in the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock worth $113,000 after purchasing an additional 167 shares in the last quarter. Institutional investors own 89.76% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. DA Davidson decreased their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 28th. Jefferies Financial Group assumed coverage on SouthState in a report on Wednesday. They issued a "buy" rating and a $110.00 price objective for the company. Keefe, Bruyette & Woods decreased their price objective on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Truist Financial started coverage on SouthState in a research note on Tuesday, May 13th. They issued a "buy" rating and a $106.00 target price on the stock. Finally, Barclays cut their target price on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $116.27.

SouthState Stock Down 0.4%

Shares of NASDAQ SSB traded down $0.32 during trading on Friday, reaching $87.60. The company had a trading volume of 1,017,808 shares, compared to its average volume of 651,828. 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 Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The stock has a market cap of $8.89 billion, a PE ratio of 12.59 and a beta of 0.75. The business's 50-day moving average is $88.36 and its 200 day moving average is $97.50.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were given a dividend of $0.54 per share. The ex-dividend date was Friday, May 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.47%. SouthState's dividend payout ratio (DPR) is presently 34.12%.

Insider Activity at SouthState

In related news, CAO Sara Arana sold 1,991 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $100.78, for a total transaction of $200,652.98. Following the sale, the chief accounting officer now directly owns 4,787 shares of the company's stock, valued at $482,433.86. This trade represents a 29.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director G Stacy Smith bought 3,100 shares of the company's stock in a transaction on Thursday, March 6th. The stock was purchased at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the transaction, the director now directly owns 36,779 shares of the company's stock, valued at approximately $3,442,514.40. The trade was 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.

SouthState 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.