Southern States Bancshares, Inc. (NASDAQ:SSBK) Short Interest Update

Southern States Bancshares, Inc. (NASDAQ:SSBK) was the recipient of a significant decline in short interest during the month of October. As of October 15th, there was short interest totalling 37,200 shares, a decline of 17.9% from the September 30th total of 45,300 shares. Based on an average daily volume of 15,800 shares, the short-interest ratio is presently 2.4 days. Approximately 0.6% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Several research firms have recently commented on SSBK. Hovde Group lowered their price target on shares of Southern States Bancshares from $36.00 to $35.00 and set an “outperform” rating for the company in a research report on Tuesday, October 22nd. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $36.00 target price (up previously from $35.00) on shares of Southern States Bancshares in a research report on Tuesday, July 23rd.

Southern States Bancshares Stock Performance

Shares of SSBK opened at $31.43 on Wednesday. The firm has a 50-day moving average price of $30.49 and a 200 day moving average price of $28.39. The firm has a market capitalization of $280.36 million, a PE ratio of 8.85 and a beta of 0.21. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. Southern States Bancshares has a 52-week low of $22.13 and a 52-week high of $34.72.

Southern States Bancshares (NASDAQ:SSBK) last announced its earnings results on Monday, October 21st. The company reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.07). The company had revenue of $46.83 million during the quarter. Southern States Bancshares had a net margin of 19.33% and a return on equity of 14.88%.

Southern States Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date of this dividend is Friday, November 1st. Southern States Bancshares’s payout ratio is 10.14%.

Insider Buying and Selling at Southern States Bancshares

In other Southern States Bancshares news, Director Brent O. Hitson sold 2,000 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $31.17, for a total transaction of $62,340.00. Following the completion of the sale, the director now owns 21,753 shares in the company, valued at $678,041.01. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Jay F. Pumroy sold 2,995 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $32.13, for a total transaction of $96,229.35. Following the completion of the transaction, the director now owns 100,774 shares in the company, valued at approximately $3,237,868.62. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brent O. Hitson sold 2,000 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $31.17, for a total transaction of $62,340.00. Following the transaction, the director now owns 21,753 shares of the company’s stock, valued at $678,041.01. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 7.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Southern States Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the business. Rhumbline Advisers lifted its holdings in Southern States Bancshares by 7.0% in the 2nd quarter. Rhumbline Advisers now owns 8,958 shares of the company’s stock valued at $243,000 after acquiring an additional 586 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in Southern States Bancshares in the 2nd quarter valued at about $245,000. Squarepoint Ops LLC acquired a new stake in Southern States Bancshares in the 2nd quarter valued at about $257,000. Kennedy Capital Management LLC lifted its holdings in Southern States Bancshares by 3.7% in the 1st quarter. Kennedy Capital Management LLC now owns 24,851 shares of the company’s stock valued at $644,000 after acquiring an additional 886 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Southern States Bancshares by 10.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 40,045 shares of the company’s stock valued at $1,087,000 after acquiring an additional 3,708 shares during the last quarter. 58.73% of the stock is owned by institutional investors and hedge funds.

Southern States Bancshares Company Profile

Southern States Bancshares, Inc operates as the bank holding company for Southern States Bank that provides community banking services to businesses and individuals. The company provides various deposit products, such as savings, money market, and noninterest-bearing demand accounts; certificates of deposit; and time deposits.