Southern States Bancshares, Inc. Plans Quarterly Dividend of $0.09 (NASDAQ:SSBK)

Southern States Bancshares, Inc. (NASDAQ:SSBK) announced a quarterly dividend on Wednesday, October 16th, Zacks reports. Stockholders of record on Friday, November 1st will be given a dividend of 0.09 per share on Friday, November 15th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date is Friday, November 1st.

Southern States Bancshares has a dividend payout ratio of 9.1% indicating that its dividend is sufficiently covered by earnings.

Southern States Bancshares Stock Performance

SSBK opened at $31.54 on Friday. The business’s 50 day moving average is $30.27 and its 200-day moving average is $27.98. The stock has a market cap of $281.34 million, a PE ratio of 8.96 and a beta of 0.21. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. Southern States Bancshares has a twelve month low of $21.70 and a twelve month high of $34.72.

Southern States Bancshares (NASDAQ:SSBK) last released its quarterly earnings results on Monday, July 22nd. The company reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.11. The company had revenue of $42.38 million for the quarter. Southern States Bancshares had a return on equity of 15.64% and a net margin of 20.68%.

Insider Buying and Selling

In related news, CFO Lynn J. Joyce sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $32.15, for a total transaction of $64,300.00. Following the sale, the chief financial officer now owns 44,188 shares of the company’s stock, valued at $1,420,644.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Jay F. Pumroy sold 2,995 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $32.13, for a total transaction of $96,229.35. Following the sale, the director now owns 100,774 shares of the company’s stock, valued at $3,237,868.62. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Lynn J. Joyce sold 2,000 shares of Southern States Bancshares stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $32.15, for a total transaction of $64,300.00. Following the completion of the transaction, the chief financial officer now owns 44,188 shares in the company, valued at approximately $1,420,644.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,742 shares of company stock valued at $448,035 over the last quarter. Corporate insiders own 7.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SSBK shares. Hovde Group started coverage on Southern States Bancshares in a report on Monday, September 9th. They set an “outperform” rating on the stock. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $36.00 target price (up previously from $35.00) on shares of Southern States Bancshares in a report on Tuesday, July 23rd.

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.