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

Southern States Bancshares (NASDAQ:SSBK) had its price target cut by research analysts at Hovde Group from $36.00 to $35.00 in a research note issued to investors on Tuesday, Briefing.com reports. The firm currently has an “outperform” rating on the stock. Hovde Group’s price target points to a potential upside of 16.16% from the stock’s previous close.

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

Southern States Bancshares Price Performance

NASDAQ SSBK opened at $30.13 on Tuesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. Southern States Bancshares has a 12 month low of $22.06 and a 12 month high of $34.72. The stock has a market cap of $268.76 million, a price-to-earnings ratio of 8.56 and a beta of 0.21. The company’s 50 day moving average is $30.33 and its two-hundred day moving average is $28.10.

Southern States Bancshares (NASDAQ:SSBK) last posted its quarterly earnings results on Monday, July 22nd. The company reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.11. The business had revenue of $42.38 million for the quarter. Southern States Bancshares had a return on equity of 15.64% and a net margin of 20.68%.

Insiders Place Their Bets

In other news, Director Brent O. Hitson sold 5,747 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $33.22, for a total transaction of $190,915.34. Following the sale, the director now directly owns 23,753 shares of the company’s stock, valued at $789,074.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Brent O. Hitson sold 5,747 shares of the company’s stock in a transaction dated 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 directly owns 23,753 shares in the company, valued at approximately $789,074.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brent O. Hitson sold 2,000 shares of Southern States Bancshares stock in a transaction dated 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 owns 21,753 shares of the company’s stock, valued at approximately $678,041.01. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,742 shares of company stock valued at $448,035 in the last quarter. 14.80% of the stock is currently owned by insiders.

Institutional Trading of Southern States Bancshares

Institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers lifted 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 worth $243,000 after purchasing an additional 586 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Southern States Bancshares during the 2nd quarter valued at $245,000. Squarepoint Ops LLC bought a new position in Southern States Bancshares in the 2nd quarter valued at $257,000. Kennedy Capital Management LLC increased its stake in Southern States Bancshares by 3.7% in the first quarter. Kennedy Capital Management LLC now owns 24,851 shares of the company’s stock worth $644,000 after purchasing an additional 886 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Southern States Bancshares by 10.2% in the second 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 period. 58.73% of the stock is currently owned by institutional investors.

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.