Hovde Group Trims Southern States Bancshares (NASDAQ:SSBK) Target Price to $35.00

Southern States Bancshares (NASDAQ:SSBK) had its target price cut by Hovde Group from $36.00 to $35.00 in a report issued on Tuesday, MarketBeat.com reports. They currently have an outperform rating on the stock.

Separately, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $36.00 price objective (up from $35.00) on shares of Southern States Bancshares in a research note on Tuesday, July 23rd.

Southern States Bancshares Stock Down 0.0 %

SSBK opened at $31.07 on Tuesday. The business has a 50 day simple moving average of $30.43 and a 200-day simple moving average of $28.22. Southern States Bancshares has a 12 month low of $22.13 and a 12 month high of $34.72. The stock has a market capitalization of $277.14 million, a P/E ratio of 8.75 and a beta of 0.21. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03.

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

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 annualized dividend and a dividend yield of 1.16%. The ex-dividend date is Friday, November 1st. Southern States Bancshares’s dividend payout ratio (DPR) is presently 10.14%.

Insider Activity

In related news, Director Jay F. Pumroy sold 2,995 shares of Southern States Bancshares 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 completion of the transaction, the director now directly owns 100,774 shares in the company, valued at $3,237,868.62. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Southern States Bancshares 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 value of $96,229.35. Following the transaction, the director now directly owns 100,774 shares in the company, valued at approximately $3,237,868.62. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brent O. Hitson sold 2,000 shares of Southern States Bancshares 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 sale, the director now owns 21,753 shares of the company’s stock, valued at approximately $678,041.01. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 14.80% of the company’s stock.

Institutional Investors Weigh In On Southern States Bancshares

Several hedge funds have recently made changes to their positions in SSBK. Rhumbline Advisers lifted its position in Southern States Bancshares by 7.0% during the second quarter. Rhumbline Advisers now owns 8,958 shares of the company’s stock worth $243,000 after buying an additional 586 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of Southern States Bancshares in the second quarter worth approximately $245,000. Squarepoint Ops LLC purchased a new stake in Southern States Bancshares in the second quarter valued at approximately $257,000. Kennedy Capital Management LLC increased its position in Southern States Bancshares by 3.7% during the first quarter. Kennedy Capital Management LLC now owns 24,851 shares of the company’s stock worth $644,000 after purchasing an additional 886 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Southern States Bancshares by 10.2% during the second quarter. Bank of New York Mellon Corp now owns 40,045 shares of the company’s stock worth $1,087,000 after purchasing an additional 3,708 shares during the period. Institutional investors and hedge funds own 58.73% 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.