Southern States Bancshares (NASDAQ:SSBK) Posts Earnings Results, Misses Estimates By $0.07 EPS

Southern States Bancshares (NASDAQ:SSBK) announced its quarterly earnings data on Monday. The company reported $0.89 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.07), Yahoo Finance reports. Southern States Bancshares had a net margin of 20.68% and a return on equity of 15.64%. The company had revenue of $46.83 million during the quarter.

Southern States Bancshares Price Performance

Shares of NASDAQ SSBK traded up $0.19 on Wednesday, hitting $30.59. The company’s stock had a trading volume of 53,600 shares, compared to its average volume of 17,025. The stock has a 50 day moving average of $30.38 and a 200-day moving average of $28.15. The company has a market capitalization of $272.50 million, a price-to-earnings ratio of 8.50 and a beta of 0.21. Southern States Bancshares has a 12-month low of $22.13 and a 12-month high of $34.72. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03.

Southern States Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be issued 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 yield of 1.18%. Southern States Bancshares’s dividend payout ratio (DPR) is currently 10.00%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Hovde Group reduced their price target 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. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $36.00 price objective (up from $35.00) on shares of Southern States Bancshares in a research note on Tuesday, July 23rd.

Insider Transactions at Southern States Bancshares

In related news, CFO Lynn J. Joyce sold 1,000 shares of the company’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 value of $34,250.00. Following the sale, the chief financial officer now owns 43,188 shares of the company’s stock, valued at approximately $1,479,189. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Southern States Bancshares news, CFO Lynn J. Joyce sold 1,000 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now owns 43,188 shares of the company’s stock, valued at approximately $1,479,189. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Brent O. Hitson sold 5,747 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $33.22, for a total value of $190,915.34. Following the completion of the sale, the director now owns 23,753 shares in the company, valued at $789,074.66. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,742 shares of company stock valued at $383,735 in the last ninety days. Corporate 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.