Southern States Bancshares (NASDAQ:SSBK) Posts Quarterly Earnings Results, Misses Estimates By $0.07 EPS

Southern States Bancshares (NASDAQ:SSBK) released its earnings results on Monday. The company reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.07), Yahoo Finance reports. The business had revenue of $46.83 million during the quarter. Southern States Bancshares had a return on equity of 15.64% and a net margin of 20.68%.

Southern States Bancshares Trading Down 0.3 %

NASDAQ SSBK opened at $30.03 on Tuesday. The firm’s 50 day moving average price is $30.33 and its two-hundred day moving average price is $28.10. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. Southern States Bancshares has a twelve month low of $22.06 and a twelve month high of $34.72. The stock has a market cap of $267.87 million, a price-to-earnings ratio of 8.56 and a beta of 0.21.

Southern States Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 1st will be given a $0.09 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.36 annualized dividend and a dividend yield of 1.20%. Southern States Bancshares’s dividend payout ratio (DPR) is presently 10.23%.

Analysts Set New Price Targets

SSBK has been the topic of several research reports. Hovde Group dropped their price target on Southern States Bancshares from $36.00 to $35.00 and set an “outperform” rating on the stock in a report on Tuesday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $36.00 target price (up from $35.00) on shares of Southern States Bancshares in a research report on Tuesday, July 23rd.

Insider Activity

In other news, Director Brent O. Hitson sold 2,000 shares of Southern States Bancshares stock in a transaction on 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 in the company, valued at approximately $678,041.01. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Brent O. Hitson sold 2,000 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $31.17, for a total value of $62,340.00. Following the completion of the sale, the director now directly owns 21,753 shares of the company’s stock, valued at $678,041.01. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Lynn J. Joyce sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $34.25, for a total transaction of $34,250.00. Following the sale, the chief financial officer now owns 43,188 shares of the company’s stock, valued at approximately $1,479,189. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,742 shares of company stock worth $448,035 over the last quarter. Corporate insiders own 14.80% of the company’s stock.

About Southern States Bancshares

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.