NBC Securities Inc. Increases Holdings in SouthState Co. (NASDAQ:SSB)

NBC Securities Inc. boosted its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 100,280.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 96,365 shares of the bank's stock after buying an additional 96,269 shares during the quarter. SouthState accounts for approximately 0.8% of NBC Securities Inc.'s investment portfolio, making the stock its 13th largest position. NBC Securities Inc. owned 0.10% of SouthState worth $8,944,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. American National Bank & Trust bought a new position in SouthState in the 1st quarter valued at $139,000. Rhumbline Advisers increased its stake in SouthState by 24.8% in the 1st quarter. Rhumbline Advisers now owns 322,051 shares of the bank's stock worth $29,893,000 after buying an additional 63,983 shares during the period. Doliver Advisors LP purchased a new position in SouthState in the 1st quarter worth about $481,000. Red Spruce Capital LLC lifted its holdings in SouthState by 2.8% during the 1st quarter. Red Spruce Capital LLC now owns 33,944 shares of the bank's stock valued at $3,151,000 after buying an additional 927 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in SouthState by 15,507.6% in the 1st quarter. GAMMA Investing LLC now owns 108,785 shares of the bank's stock valued at $10,097,000 after buying an additional 108,088 shares during the period. Institutional investors own 89.76% of the company's stock.

SouthState Stock Down 1.0%

NASDAQ:SSB traded down $0.89 during midday trading on Wednesday, reaching $87.74. 562,122 shares of the stock traded hands, compared to its average volume of 656,045. The stock has a market capitalization of $8.90 billion, a PE ratio of 12.61 and a beta of 0.75. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The business has a 50-day moving average of $87.58 and a two-hundred day moving average of $96.55.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were issued 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 2.46%. SouthState's dividend payout ratio is presently 34.12%.

Insider Transactions at SouthState

In related news, Director Janet P. Froetscher acquired 2,717 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was purchased at an average cost of $92.02 per share, with a total value of $250,018.34. Following the transaction, the director now directly owns 4,689 shares of the company's stock, valued at $431,481.78. This trade represents a 137.78% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible 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 bought at an average price of $93.60 per share, with a total value of $290,160.00. Following the completion of the purchase, the director now directly owns 36,779 shares in the company, valued at $3,442,514.40. This represents 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.

Analysts Set New Price Targets

Several analysts have recently weighed in on SSB shares. Raymond James set a $110.00 price target on shares of SouthState in a research note on Monday, April 28th. Truist Financial started coverage on SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price for the company. DA Davidson lowered their target price 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 started coverage on SouthState in a research report on Wednesday, May 21st. They set a "buy" rating and a $110.00 price target on the stock. Finally, 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. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, SouthState currently has an average rating of "Buy" and an average target price 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.