Envestnet Asset Management Inc. Has $12.01 Million Stake in SouthState Co. (NASDAQ:SSB)

Envestnet Asset Management Inc. reduced its position in SouthState Co. (NASDAQ:SSB - Free Report) by 16.6% during the 1st quarter, according to its most recent filing with the Securities and 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 about 0.13% of SouthState worth $12,007,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Bank of New York Mellon Corp increased its position in shares of SouthState by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 964,089 shares of the bank's stock worth $89,487,000 after acquiring an additional 121,591 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of SouthState by 29.9% during the first quarter. Principal Financial Group Inc. now owns 227,555 shares of the bank's stock worth $21,122,000 after acquiring an additional 52,380 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of SouthState by 28.1% during the first quarter. Oregon Public Employees Retirement Fund now owns 19,901 shares of the bank's stock worth $1,847,000 after acquiring an additional 4,363 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of SouthState by 162.9% during the first quarter. Teacher Retirement System of Texas now owns 20,106 shares of the bank's stock worth $1,866,000 after acquiring an additional 12,458 shares during the last quarter. Finally, New York State Teachers Retirement System increased its position in shares of SouthState by 25.4% during the first quarter. New York State Teachers Retirement System now owns 15,427 shares of the bank's stock worth $1,432,000 after acquiring an additional 3,127 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Stock Down 1.1%

NASDAQ:SSB traded down $1.05 during trading hours on Wednesday, hitting $97.30. 1,108,665 shares of the stock traded hands, compared to its average volume of 753,541. The firm has a 50 day moving average price of $91.35 and a 200 day moving average price of $93.30. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState Co. has a fifty-two week low of $77.74 and a fifty-two week high of $114.27. The firm has a market cap of $9.87 billion, a price-to-earnings ratio of 13.98 and a beta of 0.77.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Friday, May 9th. SouthState's dividend payout ratio (DPR) is presently 34.12%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Jefferies Financial Group assumed coverage on SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price target for the company. Keefe, Bruyette & Woods decreased their price target on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Truist Financial began coverage on SouthState in a research note on Tuesday, May 13th. They issued a "buy" rating and a $106.00 target price for the company. Barclays lifted their target price on SouthState from $115.00 to $117.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Finally, DA Davidson decreased their target price on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 28th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $116.45.

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.