SouthState Co. (NASDAQ:SSB) Shares Bought by Envestnet Asset Management Inc.

SouthState Corporation (SSB) is a regional bank holding company headquartered in Tampa, Florida. The company operates through its subsidiaries, which provide banking and financial services to individuals, businesses, and government entities.

Envestnet Asset Management Inc. (EAMA) is an independent investment advisor that provides wealth management solutions for individuals, families, and institutions. EAMA offers a range of investment products and services, including mutual funds, exchange-traded funds (ETFs), and managed portfolios.

On August 19, 2021, SouthState Corporation announced that Envestnet Asset Management Inc. had purchased approximately 3.5 million shares of SSB's common stock for $47.6 million. The transaction was made on behalf of certain institutional clients of EAMA.

The purchase represents a significant investment in SouthState Corporation by Envestnet Asset Management Inc., and it is seen as a vote of confidence in the company's growth prospects and financial performance. SouthState Corporation has been performing well in recent years, with strong earnings growth and a growing customer base.

Envestnet Asset Management Inc.'s investment in SouthState Corporation is expected to provide the bank with additional capital to support its growth initiatives and expand its business operations. The transaction also highlights the increasing demand for financial services from institutional investors, who are looking for reliable and stable companies to invest in.