Southern States Bancshares (NASDAQ:SSBK) Price Target Cut to $35.00 by Analysts at Hovde Group

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

Separately, 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.

Southern States Bancshares Stock Performance

Shares of SSBK traded up $0.27 during midday trading on Tuesday, reaching $30.40. 12,024 shares of the stock were exchanged, compared to its average volume of 16,846. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $270.80 million, a price-to-earnings ratio of 8.44 and a beta of 0.21. The business's 50-day moving average price is $30.33 and its 200 day moving average price is $28.10. Southern States Bancshares has a twelve month low of $22.06 and a twelve month high of $34.72.

Southern States Bancshares (NASDAQ:SSBK - Get Free Report) last issued 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 for the quarter. Southern States Bancshares had a return on equity of 15.64% and a net margin of 20.68%.

Southern States Bancshares Announces Dividend

The company 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 $0.09 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.36 dividend on an annualized basis and a yield of 1.18%. Southern States Bancshares's payout ratio is currently 10.00%.

Insider Buying and Selling at Southern States Bancshares

In related news, CFO Lynn J. Joyce sold 1,000 shares of Southern States Bancshares stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $34.25, for a total value of $34,250.00. Following the sale, the chief financial officer now directly owns 43,188 shares in the company, valued at $1,479,189. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Southern States Bancshares news, CFO Lynn J. Joyce sold 1,000 shares of the company's stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $34.25, for a total transaction of $34,250.00. Following the transaction, the chief financial officer now directly owns 43,188 shares in the company, valued at approximately $1,479,189. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Brent O. Hitson sold 5,747 shares of Southern States Bancshares stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $33.22, for a total transaction of $190,915.34. Following the sale, the director now owns 23,753 shares of the company's stock, valued at approximately $789,074.66. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,742 shares of company stock valued at $448,035. 14.80% of the stock is owned by corporate insiders.

Institutional Trading of Southern States Bancshares

Several large investors have recently modified their holdings of SSBK. Rhumbline Advisers grew its holdings in Southern States Bancshares by 7.0% during the 2nd quarter. Rhumbline Advisers now owns 8,958 shares of the company's stock valued at $243,000 after buying an additional 586 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Southern States Bancshares during the 2nd 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 lifted its holdings in Southern States Bancshares by 3.7% in the 1st quarter. Kennedy Capital Management LLC now owns 24,851 shares of the company's stock valued at $644,000 after purchasing an additional 886 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of 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 purchasing an additional 3,708 shares during the last quarter. 58.73% of the stock is currently owned by institutional investors and hedge funds.

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.