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

Southern States Bancshares (NASDAQ:SSBK) announced its quarterly earnings results on Monday. The company reported $0.89 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.07), Yahoo Finance reports. The business 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 NASDAQ SSBK opened at $30.13 on Tuesday. The company has a market capitalization of $268.76 million, a PE ratio of 8.56 and a beta of 0.21. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. The stock’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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be paid a $0.09 dividend. The ex-dividend date is Friday, November 1st. This represents a $0.36 annualized dividend and a yield of 1.19%. Southern States Bancshares’s dividend payout ratio (DPR) is 10.23%.

Insider Activity at Southern States Bancshares

In other Southern States Bancshares news, Director Brent O. Hitson sold 5,747 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $33.22, for a total value of $190,915.34. Following the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Southern States Bancshares news, Director Brent O. Hitson sold 5,747 shares of Southern States Bancshares stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $33.22, for a total value 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Brent O. Hitson sold 2,000 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $31.17, for a total transaction of $62,340.00. Following the transaction, the director now directly owns 21,753 shares of the company’s stock, valued at $678,041.01. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,742 shares of company stock valued at $448,035. 14.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SSBK. Keefe, Bruyette & Woods restated 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 lowered their price target on Southern States Bancshares from $36.00 to $35.00 and set an “outperform” rating for the company in a research report on Tuesday.

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.