Southern States Bancshares (NASDAQ:SSBK) Announces Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Southern States Bancshares (NASDAQ:SSBK - Get Free Report) posted its quarterly earnings data on Monday. The company reported $0.89 earnings per share for the quarter, missing analysts' consensus estimates of $0.96 by ($0.07), Yahoo Finance reports. The firm 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 SSBK traded up $0.27 during trading hours on Tuesday, reaching $30.40. 12,024 shares of the company traded hands, compared to its average volume of 16,846. The stock has a market capitalization of $271.17 million, a PE ratio of 8.55 and a beta of 0.21. The stock has a fifty day simple moving average of $30.33 and a 200 day simple moving average of $28.10. Southern States Bancshares has a fifty-two week low of $22.06 and a fifty-two week high of $34.72. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59.

Southern States Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 1st will be given a dividend of $0.09 per share. The ex-dividend date of this dividend 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 is currently 10.23%.

Analyst Ratings Changes

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

Insider Activity at Southern States Bancshares

In other Southern States Bancshares news, Director Brent O. Hitson sold 2,000 shares of the business's 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 completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Brent O. Hitson sold 2,000 shares of the company'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 completion of the transaction, the director now owns 21,753 shares of the company's stock, valued at $678,041.01. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Lynn J. Joyce sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $34.25, for a total transaction of $34,250.00. Following the completion of the sale, the chief financial officer now directly owns 43,188 shares in the company, valued at $1,479,189. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,742 shares of company stock valued at $448,035. 14.80% of the stock is owned by insiders.

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.