Nomura Holdings Inc. Makes New Investment in SouthState Co. (NASDAQ:SSB)

Nomura Holdings Inc. bought a new position in SouthState Co. (NASDAQ:SSB) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 10,104 shares of the bank’s stock, valued at approximately $1,005,000.

A number of other institutional investors also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of SouthState by 4.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,277 shares of the bank’s stock worth $4,305,000 after buying an additional 1,686 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of SouthState by 53.2% during the fourth quarter. Janus Henderson Group PLC now owns 51,805 shares of the bank’s stock worth $5,154,000 after buying an additional 17,981 shares during the last quarter. FJ Capital Management LLC raised its stake in shares of SouthState by 32.9% during the fourth quarter. FJ Capital Management LLC now owns 143,984 shares of the bank’s stock worth $14,324,000 after buying an additional 35,628 shares during the last quarter. Deutsche Bank AG raised its stake in shares of SouthState by 33.5% during the fourth quarter. Deutsche Bank AG now owns 84,133 shares of the bank’s stock worth $8,370,000 after buying an additional 21,114 shares during the last quarter. Finally, Bridgeway Capital Management LLC bought a new stake in shares of SouthState during the fourth quarter worth approximately $3,643,000. 89.76% of the stock is owned by institutional investors.

Insider Buying and Selling

In other SouthState news, Director Janet P. Froetscher bought 2,717 shares of SouthState stock in a transaction that occurred on 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 acquisition, the director now 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 can be accessed through the SEC website. Also, 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 transaction, the chief accounting officer now owns 4,787 shares of the company’s stock, valued at $482,433.86. The trade was a 29.37% decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Barclays dropped their price target on shares of SouthState from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Stephens reaffirmed an “overweight” rating and issued a $119.00 target price on shares of SouthState in a research note on Monday, April 28th. Raymond James set a $110.00 target price on shares of SouthState in a research note on Monday, April 28th. Keefe, Bruyette & Woods lowered their target price on shares of SouthState from $130.00 to $120.00 and set an “outperform” rating for the company in a research note on Tuesday, May 6th. Finally, Truist Financial started coverage on shares of SouthState in a research note on Tuesday, May 13th. They issued a “buy” rating and a $106.00 target price for the company. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $116.90.

SouthState Trading Up 0.3%

Shares of NASDAQ:SSB opened at $91.30 on Monday. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.27. 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 company’s fifty day simple moving average is $88.58 and its 200 day simple moving average is $97.87. The firm has a market cap of $9.27 billion, a price-to-earnings ratio of 13.12 and a beta of 0.75.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.37%. SouthState’s payout ratio is 34.12%.

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.