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

Southern States Bancshares (NASDAQ:SSBK) had its target price trimmed by Hovde Group from $36.00 to $35.00 in a research note published on Tuesday, MarketBeat Ratings reports. The firm currently has an outperform rating on the stock.

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

Southern States Bancshares Price Performance

Shares of SSBK opened at $31.08 on Tuesday. Southern States Bancshares has a 52 week low of $22.13 and a 52 week high of $34.72. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The firm has a market cap of $277.23 million, a price-to-earnings ratio of 8.75 and a beta of 0.21. The stock has a 50 day moving average of $30.41 and a 200-day moving average of $28.17.

Southern States Bancshares (NASDAQ:SSBK) last released its quarterly earnings data 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). Southern States Bancshares had a net margin of 19.33% and a return on equity of 14.88%. The company had revenue of $46.83 million for the quarter.

Southern States Bancshares Dividend Announcement

The firm also recently announced 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. This represents a $0.36 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend is Friday, November 1st. Southern States Bancshares’s dividend payout ratio is currently 10.14%.

Insider Buying and Selling at Southern States Bancshares

In other news, Director Jay F. Pumroy sold 2,995 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $32.13, for a total value of $96,229.35. Following the completion of the transaction, the director now owns 100,774 shares of the company’s stock, 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 document filed with the SEC, which can be accessed through this link. In other Southern States Bancshares news, Director Brent O. Hitson sold 2,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were 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 approximately $678,041.01. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jay F. Pumroy sold 2,995 shares of the company’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 value of $96,229.35. Following the completion of the sale, the director now owns 100,774 shares of the company’s stock, valued at $3,237,868.62. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 14.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SSBK. Squarepoint Ops LLC acquired a new stake in shares of Southern States Bancshares during the second quarter worth $257,000. Dimensional Fund Advisors LP increased its stake in Southern States Bancshares by 22.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 50,521 shares of the company’s stock worth $1,371,000 after purchasing an additional 9,244 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Southern States Bancshares in the 2nd quarter worth about $245,000. Bank of New York Mellon Corp raised its holdings in Southern States Bancshares by 10.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 40,045 shares of the company’s stock worth $1,087,000 after buying an additional 3,708 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Southern States Bancshares by 0.8% during the first quarter. Vanguard Group Inc. now owns 349,767 shares of the company’s stock valued at $9,066,000 after buying an additional 2,782 shares in the last quarter. Institutional investors own 58.73% of the company’s stock.

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.