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

Southern States Bancshares, Inc. (NASDAQ:SSBK) saw a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 45,100 shares, a growth of 21.2% from the October 15th total of 37,200 shares. Based on an average trading volume of 17,800 shares, the days-to-cover ratio is presently 2.5 days. Currently, 0.7% of the shares of the company are sold short.

Analysts Set New Price Targets

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

Southern States Bancshares Stock Up 0.2 %

SSBK traded up $0.06 on Friday, hitting $36.63. 17,475 shares of the company were exchanged, compared to its average volume of 17,738. The stock’s fifty day moving average is $31.38 and its 200-day moving average is $29.27. Southern States Bancshares has a 12 month low of $22.13 and a 12 month high of $37.86. 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 company has a market cap of $326.63 million, a PE ratio of 10.32 and a beta of 0.21.

Southern States Bancshares (NASDAQ:SSBK) last released its quarterly earnings data on Monday, October 21st. The company reported $0.89 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.07). The company had revenue of $46.83 million during the quarter. Southern States Bancshares had a net margin of 19.33% and a return on equity of 14.88%.

Southern States Bancshares Announces Dividend

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

Insider Activity

In other Southern States Bancshares news, Director Jay F. Pumroy sold 2,995 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $32.13, for a total value of $96,229.35. Following the sale, the director now owns 100,774 shares of the company’s stock, valued at $3,237,868.62. The trade was a 2.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed 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 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 directly owns 21,753 shares of the company’s stock, valued at approximately $678,041.01. The trade was a 8.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 14.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Southern States Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Southern States Bancshares by 0.8% in the first quarter. Vanguard Group Inc. now owns 349,767 shares of the company’s stock valued at $9,066,000 after acquiring an additional 2,782 shares during the period. Dimensional Fund Advisors LP raised its holdings in Southern States Bancshares by 22.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 50,521 shares of the company’s stock valued at $1,371,000 after acquiring an additional 9,244 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Southern States Bancshares during the 2nd quarter valued at $245,000. Bank of New York Mellon Corp grew its holdings in shares of Southern States Bancshares by 10.2% during the 2nd 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 in the last quarter. Finally, Squarepoint Ops LLC bought a new position in shares of Southern States Bancshares in the second quarter worth $257,000. Institutional investors own 58.73% of the company’s stock.

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.