Southern States Bancshares, Inc. (NASDAQ:SSBK) Short Interest Update

Southern States Bancshares, Inc. (NASDAQ:SSBK) was the target of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 45,100 shares, an increase of 21.2% from the October 15th total of 37,200 shares. Based on an average trading volume of 17,800 shares, the short-interest ratio is currently 2.5 days. Currently, 0.7% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several equities research analysts have commented on SSBK shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $36.00 target price (up previously from $35.00) on shares of Southern States Bancshares in a research note on Tuesday, July 23rd. Hovde Group lowered their price objective on shares of Southern States Bancshares from $36.00 to $35.00 and set an “outperform” rating for the company in a research report on Tuesday, October 22nd.

Insider Buying and Selling

In other Southern States Bancshares 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 value of $62,340.00. Following the transaction, the director now directly owns 21,753 shares in the company, valued at approximately $678,041.01. This trade represents a 8.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jay F. Pumroy sold 2,995 shares of Southern States Bancshares stock in a transaction dated 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 approximately $3,237,868.62. The trade was a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 14.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Southern States Bancshares

A number of large investors have recently made changes to their positions in SSBK. Los Angeles Capital Management LLC acquired a new position in Southern States Bancshares in the 3rd quarter valued at $471,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Southern States Bancshares by 88.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 21,637 shares of the company’s stock valued at $665,000 after acquiring an additional 10,135 shares in the last quarter. Squarepoint Ops LLC bought a new position in Southern States Bancshares during the second quarter worth about $257,000. Dimensional Fund Advisors LP raised 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. Finally, Acadian Asset Management LLC acquired a new position in shares of Southern States Bancshares during the 2nd quarter worth approximately $245,000. Institutional investors own 58.73% of the company’s stock.

Southern States Bancshares Stock Up 0.2 %

Shares of NASDAQ:SSBK traded up $0.06 during trading on Friday, hitting $36.63. 17,475 shares of the company were exchanged, compared to its average volume of 17,738. Southern States Bancshares has a fifty-two week low of $22.13 and a fifty-two week high of $37.86. 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 fifty day moving average price of $31.38 and a two-hundred day moving average price of $29.27. The stock has a market cap of $326.63 million, a price-to-earnings ratio of 10.32 and a beta of 0.21.

Southern States Bancshares (NASDAQ:SSBK) last issued its earnings results 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). The firm had revenue of $46.83 million during the quarter. Southern States Bancshares had a net margin of 19.33% and a return on equity of 14.88%.

Southern States Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 1st were issued a $0.09 dividend. The ex-dividend date was Friday, November 1st. This represents a $0.36 annualized dividend and a yield of 0.98%. Southern States Bancshares’s dividend payout ratio is currently 10.14%.

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.