Southern States Bancshares, Inc. (NASDAQ:SSBK) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its position in Southern States Bancshares, Inc. (NASDAQ:SSBK) by 10.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,045 shares of the company’s stock after purchasing an additional 3,708 shares during the period. Bank of New York Mellon Corp owned about 0.45% of Southern States Bancshares worth $1,087,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in SSBK. Kennedy Capital Management LLC increased its holdings in Southern States Bancshares by 3.7% during the 1st quarter. Kennedy Capital Management LLC now owns 24,851 shares of the company’s stock valued at $644,000 after acquiring an additional 886 shares in the last quarter. Vanguard Group Inc. lifted its holdings 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 purchasing an additional 2,782 shares in the last quarter. Finally, Banc Funds Co. LLC grew its position in shares of Southern States Bancshares by 29.5% in the fourth quarter. Banc Funds Co. LLC now owns 732,343 shares of the company’s stock valued at $21,443,000 after purchasing an additional 166,700 shares during the last quarter. Hedge funds and other institutional investors own 58.73% of the company’s stock.

Insiders Place Their Bets

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 stock was sold at an average price of $33.22, for a total value of $190,915.34. Following the completion of the sale, the director now owns 23,753 shares in the company, valued at approximately $789,074.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Southern States Bancshares news, Director Brent O. Hitson sold 2,000 shares of Southern States Bancshares 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 transaction, the director now owns 21,753 shares in the company, valued at approximately $678,041.01. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Brent O. Hitson sold 5,747 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $33.22, for a total transaction of $190,915.34. Following the sale, the director now directly owns 23,753 shares of the company’s stock, valued at $789,074.66. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,742 shares of company stock valued at $448,035. Insiders own 14.80% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SSBK. Hovde Group assumed coverage on Southern States Bancshares in a research report on Monday, September 9th. They set an “outperform” rating for the company. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $36.00 price target (up from $35.00) on shares of Southern States Bancshares in a report on Tuesday, July 23rd.

Southern States Bancshares Price Performance

Southern States Bancshares stock opened at $31.00 on Friday. The stock has a market capitalization of $276.15 million, a P/E ratio of 8.61 and a beta of 0.22. Southern States Bancshares, Inc. has a 12-month low of $21.70 and a 12-month high of $34.72. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The firm’s 50-day moving average is $30.58 and its two-hundred day moving average is $27.38.

Southern States Bancshares (NASDAQ:SSBK) last released its earnings results on Monday, July 22nd. The company reported $1.00 EPS for the quarter, topping the consensus estimate of $0.89 by $0.11. Southern States Bancshares had a net margin of 20.68% and a return on equity of 15.64%. The firm had revenue of $42.38 million during the quarter.

Southern States Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 12th. Investors of record on Wednesday, July 31st were given a dividend of $0.09 per share. The ex-dividend date was Wednesday, July 31st. This represents a $0.36 annualized dividend and a yield of 1.16%. Southern States Bancshares’s dividend payout ratio (DPR) is presently 10.00%.

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.