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

Southern States Bancshares (NASDAQ:SSBK) released its quarterly earnings data on Monday. The company reported $0.89 earnings per share (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 19.33% and a return on equity of 14.88%. The company had revenue of $46.83 million during the quarter.

Southern States Bancshares Stock Up 0.6 %

Shares of SSBK stock opened at $30.59 on Thursday. Southern States Bancshares has a fifty-two week low of $22.13 and a fifty-two week high of $34.72. The firm has a market capitalization of $272.86 million, a PE ratio of 8.62 and a beta of 0.21. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. The stock’s 50-day simple moving average is $30.38 and its 200-day simple moving average is $28.15.

Southern States Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be given a dividend of $0.09 per share. The ex-dividend date is Friday, November 1st. This represents a $0.36 dividend on an annualized basis and a yield of 1.18%. Southern States Bancshares’s dividend payout ratio is currently 10.14%.

Insider Buying and Selling

In related news, 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 value of $62,340.00. Following the transaction, the director now owns 21,753 shares in the company, valued at approximately $678,041.01. 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 this link. In other news, Director Brent O. Hitson sold 2,000 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $31.17, for a total value of $62,340.00. Following the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jay F. Pumroy sold 2,995 shares of the firm’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 transaction, the director now directly owns 100,774 shares of the company’s stock, valued at approximately $3,237,868.62. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,742 shares of company stock valued at $383,735 over the last quarter. 14.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

SSBK has been the topic of a number of research reports. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $36.00 target price (up previously from $35.00) on shares of Southern States Bancshares in a research report on Tuesday, July 23rd. Hovde Group reduced 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 note on Tuesday.

Southern States Bancshares Company Profile

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.