Short Interest in Southern States Bancshares, Inc. (NASDAQ:SSBK) Increases By 21.2%

Southern States Bancshares, Inc. (NASDAQ:SSBKGet Free Report) was the target of a significant increase in short interest in October. As of October 31st, there was short interest totalling 45,100 shares, an increase of 21.2% from the October 15th total of 37,200 shares. Based on an average daily volume of 17,800 shares, the days-to-cover ratio is presently 2.5 days. Approximately 0.7% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SSBK. Hovde Group lowered their price objective 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, October 22nd. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $36.00 target price (up previously from $35.00) on shares of Southern States Bancshares in a research note on Tuesday, July 23rd.

Read Our Latest Stock Analysis on SSBK

Southern States Bancshares Trading Up 0.2 %

Shares of SSBK stock traded up $0.06 during mid-day trading on Friday, reaching $36.63. 17,475 shares of the stock traded hands, compared to its average volume of 17,738. 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 has a 1-year low of $22.13 and a 1-year high of $37.86. The stock’s fifty day simple moving average is $31.38 and its two-hundred day simple moving average is $29.27. The company has a market cap of $326.63 million, a price-to-earnings ratio of 10.32 and a beta of 0.21.

Southern States Bancshares (NASDAQ:SSBKGet Free Report) last issued its quarterly earnings data on Monday, October 21st. The company reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.07). Southern States Bancshares had a return on equity of 14.88% and a net margin of 19.33%. The company had revenue of $46.83 million for the quarter.

Southern States Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 1st were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.36 annualized dividend and a yield of 0.98%. Southern States Bancshares’s dividend payout ratio is currently 10.14%.

Insider Activity at Southern States Bancshares

In other news, Director Jay F. Pumroy sold 2,995 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $32.13, for a total transaction of $96,229.35. Following the completion of the transaction, the director now owns 100,774 shares of the company’s stock, valued at approximately $3,237,868.62. The trade was a 2.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brent O. Hitson sold 2,000 shares of Southern States Bancshares stock in a transaction dated Friday, August 30th. The shares were 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 in the company, valued at approximately $678,041.01. This represents a 8.42 % decrease in their position. The disclosure for this sale can be found here. 14.80% of the stock is owned by insiders.

Institutional Trading of Southern States Bancshares

Several hedge funds have recently modified their holdings of SSBK. Empowered Funds LLC bought a new position in shares of Southern States Bancshares during the 3rd quarter worth about $208,000. Quadrature Capital Ltd acquired a new stake in Southern States Bancshares in the third quarter valued at approximately $221,000. OneAscent Wealth Management LLC bought a new stake in shares of Southern States Bancshares during the third quarter valued at approximately $236,000. Rhumbline Advisers raised its position in shares of Southern States Bancshares by 7.0% during 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 period. Finally, Acadian Asset Management LLC bought a new position in shares of Southern States Bancshares in the 2nd quarter worth $245,000. Institutional investors own 58.73% of the company’s stock.

Southern States Bancshares Company Profile

(Get Free Report)

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.

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