Southern States Bancshares (NASDAQ:SSBK) Issues Earnings Results

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

Southern States Bancshares Price Performance

Shares of Southern States Bancshares stock opened at $30.40 on Wednesday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $270.80 million, a price-to-earnings ratio of 8.44 and a beta of 0.21. Southern States Bancshares has a twelve month low of $22.06 and a twelve month high of $34.72. The company has a 50-day simple moving average of $30.36 and a two-hundred day simple moving average of $28.13.

Southern States Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 1st will be paid a $0.09 dividend. The ex-dividend date is Friday, November 1st. This represents a $0.36 annualized dividend and a dividend yield of 1.18%. Southern States Bancshares’s dividend payout ratio (DPR) is presently 10.00%.

Insiders Place Their Bets

In other news, Director Brent O. Hitson sold 2,000 shares of Southern States Bancshares 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 in the company, valued at approximately $678,041.01. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Brent O. Hitson sold 2,000 shares of the 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 sale, the director now directly owns 21,753 shares of the company’s stock, valued at approximately $678,041.01. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Lynn J. Joyce sold 1,000 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $34.25, for a total value of $34,250.00. Following the completion of the transaction, the chief financial officer now directly owns 43,188 shares of the company’s stock, valued at approximately $1,479,189. 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 11,742 shares of company stock worth $383,735 in the last quarter. Corporate insiders own 14.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SSBK shares. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $36.00 price target (up previously from $35.00) on shares of Southern States Bancshares in a research note on Tuesday, July 23rd. Hovde Group reduced their price objective on Southern States Bancshares from $36.00 to $35.00 and set an “outperform” rating for the company in a report on Tuesday.

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.