Los Angeles Capital Management LLC Purchases Shares of 15,315 Southern States Bancshares, Inc. (NASDAQ:SSBK)

Los Angeles Capital Management LLC bought a new stake in Southern States Bancshares, Inc. (NASDAQ:SSBK - Free Report) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 15,315 shares of the company's stock, valued at approximately $471,000. Los Angeles Capital Management LLC owned 0.17% of Southern States Bancshares as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Rhumbline Advisers increased its stake in Southern States Bancshares by 7.0% in the second quarter. Rhumbline Advisers now owns 8,958 shares of the company's stock valued at $243,000 after purchasing an additional 586 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Southern States Bancshares during the second quarter worth about $245,000. Squarepoint Ops LLC acquired a new position in Southern States Bancshares in the 2nd quarter valued at about $257,000. Kennedy Capital Management LLC raised its stake in Southern States Bancshares by 3.7% during the 1st quarter. Kennedy Capital Management LLC now owns 24,851 shares of the company's stock valued at $644,000 after acquiring an additional 886 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position 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 acquiring an additional 3,708 shares during the period. Hedge funds and other institutional investors own 58.73% of the company's stock.

Southern States Bancshares Stock Performance

NASDAQ:SSBK traded up $0.06 during mid-day trading on Friday, reaching $36.63. The stock had a trading volume of 17,475 shares, compared to its average volume of 25,924. Southern States Bancshares, Inc. has a twelve month low of $22.13 and a twelve month high of $37.86. The business has a 50 day simple moving average of $31.38 and a 200 day simple moving average of $29.30. The firm has a market capitalization of $326.74 million, a price-to-earnings ratio of 10.32 and a beta of 0.21. 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 (NASDAQ:SSBK - Get Free Report) 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 business 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. Stockholders of record on Friday, November 1st were issued a $0.09 dividend. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.98%. Southern States Bancshares's dividend payout ratio is presently 10.14%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $36.00 target price (up previously from $35.00) on shares of Southern States Bancshares in a report on Tuesday, July 23rd. Hovde Group dropped their price objective on shares of Southern States Bancshares from $36.00 to $35.00 and set an "outperform" rating on the stock in a research note on Tuesday, October 22nd.

Insider Activity at Southern States Bancshares

In related news, 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 sale, the director now owns 100,774 shares in the company, valued at $3,237,868.62. This represents a 2.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 value of $62,340.00. Following the transaction, the director now directly owns 21,753 shares of the company's stock, valued at approximately $678,041.01. This represents a 8.42 % 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.

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.