Envestnet Asset Management Inc. Sells 25,823 Shares of SouthState Co. (NASDAQ:SSB)

Envestnet Asset Management Inc. lowered its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 16.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 129,361 shares of the bank's stock after selling 25,823 shares during the quarter. Envestnet Asset Management Inc. owned 0.13% of SouthState worth $12,007,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Quadrant Capital Group LLC grew its holdings in shares of 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. Commonwealth Equity Services LLC increased its position in SouthState by 1.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock valued at $949,000 after acquiring an additional 112 shares in the last quarter. Bragg Financial Advisors Inc grew its stake in shares of SouthState by 4.3% during the fourth quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank's stock valued at $276,000 after purchasing an additional 115 shares during the last quarter. Baird Financial Group Inc. increased its holdings in shares of SouthState by 6.4% in the fourth quarter. Baird Financial Group Inc. now owns 2,547 shares of the bank's stock valued at $253,000 after purchasing an additional 153 shares in the last quarter. Finally, Sheets Smith Wealth Management raised its position in SouthState by 4.7% in the 1st quarter. Sheets Smith Wealth Management now owns 6,205 shares of the bank's stock worth $576,000 after purchasing an additional 276 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

Analyst Upgrades and Downgrades

SSB has been the topic of a number of recent analyst reports. Raymond James Financial set a $110.00 price target on shares of SouthState in a research report on Monday, April 28th. DA Davidson dropped their target price on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 28th. Stephens reiterated an "overweight" rating and issued a $119.00 price target on shares of SouthState in a report on Monday, April 28th. Barclays raised their price objective on shares of SouthState from $115.00 to $117.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Jefferies Financial Group assumed coverage on shares of SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price for the company. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $116.45.

SouthState Price Performance

Shares of SouthState stock opened at $97.71 on Friday. The company has a 50-day simple moving average of $91.11 and a two-hundred day simple moving average of $93.30. SouthState Co. has a twelve month low of $77.74 and a twelve month high of $114.27. The stock has a market capitalization of $9.92 billion, a price-to-earnings ratio of 14.04 and a beta of 0.77. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Shareholders 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 yield of 2.21%. SouthState's dividend payout ratio is currently 34.12%.

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.

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