SouthState Co. (NASDAQ:SSB) Shares Sold by Nuveen Asset Management LLC

Nuveen Asset Management LLC reduced its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 0.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 656,517 shares of the bank's stock after selling 4,327 shares during the quarter. Nuveen Asset Management LLC owned 0.86% of SouthState worth $65,310,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Summit Securities Group LLC purchased a new stake in SouthState during the 4th quarter worth approximately $38,000. Aquatic Capital Management LLC purchased a new stake in SouthState during the 4th quarter worth approximately $45,000. Quadrant Capital Group LLC increased its stake in SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after buying an additional 99 shares during the period. Headlands Technologies LLC purchased a new stake in SouthState during the 4th quarter worth approximately $102,000. Finally, Blue Trust Inc. increased its stake in SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock worth $113,000 after buying an additional 167 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SSB shares. DA Davidson cut their target price on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Truist Financial started coverage on shares of SouthState in a research report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price objective on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. Barclays dropped their price objective on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Raymond James set a $110.00 price objective on shares of SouthState in a research report on Monday, April 28th. One analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $116.27.

SouthState Stock Down 0.4%

Shares of NASDAQ SSB traded down $0.32 during mid-day 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 current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm has a 50 day simple moving average of $88.36 and a two-hundred day simple moving average of $97.50. The stock has a market cap of $8.89 billion, a P/E ratio of 12.59 and a beta of 0.75. SouthState Co. has a 52-week low of $70.68 and a 52-week high of $114.27.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's dividend payout ratio (DPR) is 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 shares were sold at an average price of $100.78, for a total transaction of $200,652.98. Following the completion of the sale, the chief accounting officer now owns 4,787 shares in the company, valued at $482,433.86. This represents a 29.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Janet P. Froetscher purchased 2,717 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average price of $92.02 per share, with a total value of $250,018.34. Following the purchase, the director now owns 4,689 shares in the company, valued at $431,481.78. This trade represents a 137.78% 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.

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.