Southern States Bancshares (NASDAQ:SSBK) Price Target Cut to $35.00

Southern States Bancshares (NASDAQ:SSBK) had its target price decreased by investment analysts at Hovde Group from $36.00 to $35.00 in a note issued to investors on Tuesday, Marketbeat.com reports. The firm presently has an “outperform” rating on the stock. Hovde Group’s price objective suggests a potential upside of 14.42% from the company’s previous close.

Separately, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $36.00 price target (up from $35.00) on shares of Southern States Bancshares in a research note on Tuesday, July 23rd.

Southern States Bancshares Trading Up 0.6 %

Shares of NASDAQ SSBK opened at $30.59 on Tuesday. The firm has a market capitalization of $272.50 million, a PE ratio of 8.50 and a beta of 0.21. Southern States Bancshares has a one year low of $22.13 and a one year high of $34.72. 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 business has a 50-day moving average price of $30.38 and a two-hundred day moving average price of $28.15.

Southern States Bancshares (NASDAQ:SSBK) last announced its quarterly earnings data on Monday, October 21st. The company reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.07). The company had revenue of $46.83 million for the quarter. Southern States Bancshares had a net margin of 20.68% and a return on equity of 15.64%.

Insider Activity at Southern States Bancshares

In other Southern States Bancshares news, CFO Lynn J. Joyce sold 1,000 shares of Southern States Bancshares stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $34.25, for a total value of $34,250.00. Following the completion of the sale, the chief financial officer now directly owns 43,188 shares in the company, valued at $1,479,189. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Southern States Bancshares news, CFO Lynn J. Joyce sold 1,000 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $34.25, for a total transaction of $34,250.00. Following the transaction, the chief financial officer now directly owns 43,188 shares in the company, valued at $1,479,189. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jay F. Pumroy sold 2,995 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $32.13, for a total value of $96,229.35. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,742 shares of company stock valued at $383,735. 14.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Southern States Bancshares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SSBK. Rhumbline Advisers lifted its stake in shares of Southern States Bancshares by 7.0% in the second quarter. Rhumbline Advisers now owns 8,958 shares of the company’s stock worth $243,000 after buying an additional 586 shares during the last quarter. Acadian Asset Management LLC acquired a new position in Southern States Bancshares during the 2nd quarter worth $245,000. Squarepoint Ops LLC bought a new stake in Southern States Bancshares during the second quarter valued at about $257,000. Kennedy Capital Management LLC grew its position in shares of Southern States Bancshares by 3.7% in the first quarter. Kennedy Capital Management LLC now owns 24,851 shares of the company’s stock valued at $644,000 after purchasing an additional 886 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Southern States Bancshares by 10.2% in the second 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 during the period. Institutional investors and hedge funds 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.