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

by · The Markets Daily

Southern States Bancshares (NASDAQ:SSBK – Get Free Report) announced its quarterly earnings results on Monday. The company reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.07), Yahoo Finance reports. The company 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 Stock Performance

Shares of NASDAQ SSBK traded up $0.19 during midday trading on Wednesday, reaching $30.59. 53,600 shares of the company were exchanged, compared to its average volume of 17,025. The stock has a fifty day simple moving average of $30.38 and a 200 day simple moving average of $28.15. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The stock has a market cap of $272.50 million, a P/E ratio of 8.50 and a beta of 0.21. Southern States Bancshares has a 1 year low of $22.13 and a 1 year high of $34.72.

Southern States Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 1st will be issued a $0.09 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.18%. Southern States Bancshares’s payout ratio is 10.00%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SSBK shares. Hovde Group reduced their target price on Southern States Bancshares from $36.00 to $35.00 and set an “outperform” rating for the company in a report on Tuesday. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $36.00 price objective (up previously from $35.00) on shares of Southern States Bancshares in a research note on Tuesday, July 23rd.

Get Our Latest Research Report on Southern States Bancshares

Insiders Place Their Bets

In other news, Director Brent O. Hitson sold 5,747 shares of the business’s stock in a transaction that occurred 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 SEC, which is accessible through this hyperlink. In other news, Director Brent O. Hitson sold 5,747 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $33.22, for a total transaction of $190,915.34. Following the transaction, the director now directly owns 23,753 shares in the company, valued at $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 available through this link. Also, Director Jay F. Pumroy sold 2,995 shares of the stock in a transaction dated 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 $3,237,868.62. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,742 shares of company stock valued at $383,735. 14.80% of the stock is owned by company insiders.

About Southern States Bancshares

(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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